The adage "buy cheap and sell dear," or its practical equivalent--so
scary and imitative are investors--_Buy during the last of a selling
movement and sell during the last of a buying movement_, resolves
itself, we venture to repeat, into: _Buy when the decline caused by a
panic has produced such liquidation that discounts and loans, after
steady and long-continued diminution, either become stationary for a
period or else increase progressively coincident with a steady increase
in available funds; and sell for converse reasons_.

These conclusions are also reached by our author through analyses of the
Financial History of England, France, Prussia, Austria, etc. These I
omit as unnecessarily wearisome to the reader since I give that of our
own country. However, I will here quote the following: "What must be
noted is the reiteration and sequence of the same points _(faits)_
under varying circumstances, at all times, in all countries and under
all governments," and also this table showing all the panics and their
practical coincidence in the past eighty-five years, in France, England,
and the United States.

France England United States
1804 1803
1810 1810
1813-14 1815 1814
1818 1818 1818
1825 1825 1826
1830 1830 1829-31
1836-39 1836-39 1837-39
1847 1847 1848
1857 1857 1857