The severe United States market panic that began in March 1792 is commonly called the Panic of 1792.
The episode followed rapid speculation in securities, especially government debt and shares connected with the newly established Bank of the United States. William Duer and other speculators borrowed heavily to buy securities, helping push prices upward. When lenders demanded repayment, selling intensified.
The panic threatened the young American financial system. Treasury Secretary Alexander Hamilton responded by arranging purchases of government securities and encouraging banks to extend credit. His intervention helped restore confidence and is often described as an early example of a central-bank-style rescue, even though the Federal Reserve did not yet exist.
The Panic of 1792 is distinct from later nineteenth-century panics, which were associated with railways, banking failures, or land speculation. It also demonstrated how quickly leverage and interconnected credit could transmit stress through a small financial market.