The 1792 financial crisis involving Alexander Macomb’s defaults was the Panic of 1792.
The panic developed in March and April 1792 after speculation in securities and land weakened confidence in the young United States’ financial system. Alexander Macomb, a prominent land speculator, defaulted on debts, helping expose how heavily some traders and lenders depended on borrowed money. Bank runs and falling security prices followed.
The crisis was contained partly through intervention by Treasury Secretary Alexander Hamilton. Hamilton encouraged banks to extend credit and used federal financial resources to support the market. The episode demonstrated the influence of the Bank of the United States and helped establish precedents for federal action during financial emergencies.
The Panic of 1792 is sometimes confused with later US panics, especially the Panic of 1819, which was the first major financial crisis in the United States. The 1792 event was much shorter, but it was an important early test of American financial institutions.