The Panic of 1792, the first major financial crisis in the United States, occurred in 1792.
The crisis developed during March and April after speculative trading pushed up prices for securities issued by the new U.S. government. Many investors borrowed heavily to buy these assets, creating a fragile market vulnerable to sudden selling and falling prices.
The panic was closely associated with William Duer, Alexander Macomb, and other speculators who struggled to meet their obligations. Bank runs and credit shortages threatened the young American financial system, which had only recently been organized under the Constitution.
Treasury Secretary Alexander Hamilton helped stabilize the situation by encouraging banks to provide liquidity and by supporting purchases of government securities. The episode helped establish the federal government’s role in managing financial emergencies. It is sometimes confused with the Panic of 1819, which was a later and broader U.S. economic crisis.