necessary to draw
up a code of laws for the guidance of the dealers. Notaries and clerks
were also appointed, who devoted themselves exclusively to the interests
of the trade. The designation of public notary was hardly known in some
towns, that of tulip-notary usurping its place. In the smaller towns,
where there was no exchange, the principal tavern was usually selected as
the "show-place," where high and low traded in tulips, and confirmed their
bargains over sumptuous entertainments. These dinners were sometimes
attended by two or three hundred persons, and large vases of tulips, in
full bloom, were placed at regular intervals upon the tables and
sideboards for their gratification during the repast.

At last, however, the more prudent began to see that this folly could not
last for ever. Rich people no longer bought the flowers to keep them in
their gardens, but to sell them again at cent per cent profit. It was seen
that somebody must lose fearfully in the end. As this conviction spread,
prices fell, and never rose again. Confidence was destroyed, and a
universal panic seized upon the dealers. _A_ had agreed to purchase ten
_Semper Augustines_ from _B_, at four thousand florins each, at six weeks
after the signing of the contract. _B_ was ready with the flowers at the
appointed time; but the price had fallen to three or four hundred florins,
and _A_ refused either to pay the difference or receive the tulips.
Defaulters were announced day after day in all the towns of Holland.
Hundreds who, a few months previously, had begun to doubt that there was
such a thing as poverty in the land, suddenly found themselves the
possessors of a few bulbs, which nobody would buy, even though they
offered them at one quarter of the sums they had paid for them. The cry of
distress resounded every where, and each man accused his neighbour. The
few who had contrived to enrich themselves hid their wealth from the
knowledge of their fellow-citizens, and invested it in the English or
other funds. Many who, for a brief season, had emerged from the humbler
walks of life, were cast back into their original obscurity. Substantial
merchants were reduced almost to beggary, and many a representative of a
noble line saw the fortunes of his house ruined beyond redemption.

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 gener