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From the earliest colonial days there had long been efforts to establish a silk industry in America. None were very successful. But in 1826, a new species of mulberry tree, morus multicaulis, was introduced from China. It seemed to promise success. One silk manufacturer in Florence, Massachusetts, planted hundreds of the trees. When his operation failed, he decided instead to sell the trees. In 1838 he began to promote the tree through advertisements. The publicity worked and he began a fad. The price of the tree quickly became very expensive, soon too expensive. When the price suddenly dropped a year and a half later many in the silk industry were ruined. This newspaper was printed at the height of the speculative bubble.

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