To understand this gambling traffic, it may be necessary to make the following supposition. A nobleman bespoke of a merchant a tulip-root, to be delivered in six months, at the price of 1000 florins. During these six months the price of that species of tulip must have risen or fallen, or remained as it was. We shall suppose that at the expiration of that time the price was 1500 florins; in that case the nobleman did not wish to have the tulip, and the merchant paid him 500 florins, which the latter lost and the former won. If the price was fallen when the six months were expired, so that a root could be purchased for 800 florins, the nobleman then paid to the merchant 200 florins, which he received as so much gain; but if the price continued the same, that is 1000 florins, neither party gained or lost. In all these circumstances, however, no one ever thought of delivering the roots or of receiving them. Henry Munting, in 1636, sold to a merchant at Alkmaar, a tulip-root for 7000 florins, to be delivered in six months; but as the price during that time had fallen, the merchant paid, according to agreement, only ten per cent. “So that my father,” says the son, “received 700 florins for nothing; but he would much rather have delivered the root itself for 7000.” The term of these contracts was often much shorter, and on that account the trade became brisker. In proportion as more gained by this traffic, more engaged in it; and those who had money to pay to one, had soon money to receive of another; as at faro, one loses upon one card, and at the same time wins on another. The tulip-dealers often discounted sums also, and transferred their debts to one another; so that large sums were paid without cash, without bills, and without goods, as by the _Virements_ at Lyons. The whole of this trade was a game at hazard, as the Mississippi trade was afterwards, and as stock-jobbing is at present. The only difference between the tulip-trade and stock-jobbing is, that at the end of the contract the price in the latter is determined by the Stock-exchange; whereas in the former it was determined by that at which most bargains were made. High- and low-priced kinds of tulips were procured, in order that both the rich and the poor might gamble with them; and the roots were weighed by perits, that an imagined whole might be divided, and that people might not only have whole, but half and quarter lots. Whoever is surprised that such a traffic should become general, needs only to reflect upon what is done where lotteries are established, by which trades are often neglected, and even abandoned, because a speedier mode of getting fortunes is pointed out to the lower classes. In short, the tulip-trade may very well serve to explain stock-jobbing, of which so much is written in gazettes, and of which so many talk in company without understanding it; and I hope, on that account, I shall be forgiven for employing so much time