This is an example of chromatic type, which is printed from up to 7 pieces of type, each in a different color of ink. It's from the William H. Page company's 1874 book of 100 plates, which was used to sell the wooden (!) type to printers. The types cost around 25c per letter, per ink color.
Some other little chromatic poems:
Storm Shun Bug
Erudition Bluster Pines
Marines Normandy Merchant Thrones Providence
Storm shun bug
Detriment prison untie
Did the Pages think these were strange & funny, or were they just letters not poems not words?