The severe financial panic that struck the United States in 1792 is called the Panic of 1792.
The panic developed after intense speculation in securities, especially shares linked to the new Bank of the United States. William Duer and Alexander Macomb borrowed heavily to speculate, and their defaults helped undermine confidence in financial markets.
The crisis threatened banks and securities dealers in New York and Philadelphia. Treasury Secretary Alexander Hamilton responded by arranging government purchases of securities and encouraging banks to provide liquidity. His intervention helped stabilize the young nation’s financial system.
The Panic of 1792 is important because it occurred only a few years after the U.S. Constitution took effect. It also helped shape early debates about federal financial power. It is distinct from the Panic of 1819, the first major peacetime financial crisis in the United States.