Charles Mackay - Extraordinary Popular Delusions and the Madness of Crowds (Complete Edition - Volume 1-3)

When the first alarm subsided, the tulip-holders in the several towns held public meetings to devise what measures were best to be taken to restore public credit. It was generally agreed, that deputies should be sent from all parts to Amsterdam, to consult with the government upon some remedy for the evil. The Government at first refused to interfere, but advised the tulip-holders to agree to some plan among themselves. Several meetings were held for this purpose; but no measure could be devised likely to give satisfaction to the deluded people, or repair even a slight portion of the mischief that had been done. The language of complaint and reproach was in everybody's mouth, and all the meetings were of the most stormy character. At last, however, after much bickering and ill-will, it was agreed, at Amsterdam, by the assembled deputies, that all contracts made in the height of the mania, or prior to the month of November 1636, should be declared null and void, and that, in those made after that date, purchasers should be freed from their engagements, on paying ten per cent. to the vendor. This decision gave no satisfaction. The vendors who had their tulips on hand were, of course, discontented, and those who had pledged themselves to purchase, thought themselves hardly treated. Tulips which had, at one time, been worth six thousand florins, were now to be procured for five hundred; so that the composition of ten per cent. was one hundred florins more than the actual value. Actions for breach of contract were threatened in all the courts of the country; but the latter refused to take cognizance of gambling transactions.

The matter was finally referred to the Provincial Council at the Hague, and it was confidently expected that the wisdom of this body would invent some measure by which credit should be restored. Expectation was on the stretch for its decision, but it never came. The members continued to deliberate week after week, and at last, after thinking about it for three months, declared that they could offer no final decision until they had more information. They advised, however, that, in the mean time, every vendor should, in the presence of witnesses, offer the tulips in natura to the purchaser for the sums agreed upon. If the latter refused to take them, they might be put up for sale by public auction, and the original contractor held responsible for the difference between the actual and the stipulated price. This was exactly the plan recommended by the deputies, and which was already shown to be of no avail. There was no court in Holland which would enforce payment. The question was raised in Amsterdam, but the judges unanimously refused to interfere, on the ground that debts contracted in gambling were no debts in law.

Thus the matter rested. To find a remedy was beyond the power of the government. Those who were unlucky enough to have had stores of tulips on hand at the time of the sudden reaction were left to bear their ruin as philosophically as they could; those who had made profits were allowed to keep them; but the commerce of the country suffered a severe shock, from which it was many years ere it recovered.

The example of the Dutch was imitated to some extent in England. In the year 1636 tulips were publicly sold in the Exchange of London, and the jobbers exerted themselves to the utmost to raise them to the fictitious value they had acquired in Amsterdam. In Paris also the jobbers strove to create a tulipomania. In both cities they only partially succeeded. However, the force of example brought the flowers into great favour, and amongst a certain class of people tulips have ever since been prized more highly than any other flowers of the field. The Dutch are still notorious for their partiality to them, and continue to pay higher prices for them than any other people. As the rich Englishman boasts of his fine race-horses or his old pictures, so does the wealthy Dutchman vaunt him of his tulips.

In England, in our day, strange as it may appear, a tulip will produce more money than an oak. If one could be found, rara in tetris, and black as the black swan alluded to by Juvenal, its price would equal that of a dozen acres of standing corn. In Scotland, towards the close of the seventeenth century, the highest price for tulips, according to the authority of a writer in the supplement to the third edition of the "Encyclopedia Britannica," was ten guineas. Their value appears to have diminished from that time till the year 1769, when the two most valuable species in England were the Don Quevedo and the Valentinier, the former of which was worth two guineas and the latter two guineas and a half. These prices appear to have been the minimum. In the year 1800, a common price was fifteen guineas for a single bulb. In 1835, so foolish were the fanciers, that a bulb of the species called the Miss Fanny Kemble was sold by public auction in London for seventy-five pounds. Still more astonishing was the price of a tulip in the possession of a gardener in the King's Road, Chelsea. In his catalogues, it was labelled at two hundred guineas! Thus a flower, which for beauty and perfume was surpassed by the abundant roses of the garden,—a nosegay of which might be purchased for a penny,—was priced at a sum which would have provided an industrious labourer and his family with food, and clothes, and lodging for six years! Should chickweed and groundsel ever come into fashion, the wealthy would, no doubt, vie with each other in adorning their gardens with them, and paying the most extravagant prices for them. In so doing, they would hardly be more foolish than the admirers of tulips. The common prices for these flowers at the present time vary from five to fifteen guineas, according to the rarity of the species.

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A fouth o' auld knick-knackets,

Rusty airn caps and jinglin' jackets,

Wad haud the Lothians three, in tackets,

A towmond guid;

An' parritch pats, and auld saut backets,

Afore the flood.

Burns.

The love for relics is one which will never be eradicated as long as feeling and affection are denizens of the heart. It is a love which is most easily excited in the best and kindliest natures, and which few are callous enough to scoff at. Who would not treasure the lock of hair that once adorned the brow of the faithful wife, now cold in death, or that hung down the neck of a beloved infant, now sleeping under the sward? Not one. They are home-relics, whose sacred worth is intelligible to all; spoils rescued from the devouring grave, which, to the affectionate, are beyond all price. How dear to a forlorn survivor the book over whose pages he has pored with one departed! How much greater its value, if that hand, now cold, had written a thought, an opinion, or a name, upon the leaf! Besides these sweet, domestic relics, there are others, which no one can condemn; relics sanctified by that admiration of greatness and goodness which is akin to love; such as the copy of Montaigne's Florio, with the name of Shakspeare upon the leaf, written by the poet of all time himself; the chair preserved at Antwerp, in which Rubens sat when he painted the immortal "Descent from the Cross;" or the telescope, preserved in the Museum of Florence, which aided Galileo in his sublime discoveries. Who would not look with veneration upon the undoubted arrow of William Tell—the swords of Wallace or of Hampden—or the Bible whose leaves were turned by some stern old father of the faith?

Thus the principle of reliquism is hallowed and enshrined by love. But from this germ of purity how numerous the progeny of errors and superstitions! Men, in their admiration of the great, and of all that appertained to them, have forgotten that goodness is a component part of true greatness, and have made fools of themselves for the jaw-bone of a saint, the toe-nail of an apostle, the handkerchief a king blew his nose in, or the rope that hanged a criminal. Desiring to rescue some slight token from the graves of their predecessors, they have confounded the famous and the infamous, the renowned and the notorious. Great saints, great sinners; great philosophers, great quacks; great conquerors, great murderers; great ministers, great thieves; each and all have had their admirers, ready to ransack earth, from the equator to either pole, to find a relic of them.