The 1792 U.S. financial crisis involving William Duer and Alexander Macomb was called the Panic of 1792.
The crisis struck in March and April 1792, only a few years after the United States established its federal government. Speculators borrowed heavily to buy securities, while Duer and Macomb attempted to corner government debt and bank shares. When they could not meet their obligations, defaults spread through New York’s financial markets.
Treasury Secretary Alexander Hamilton responded by using federal funds to purchase securities and reassure banks. He also supported loans designed to restore liquidity. These actions helped prevent a broader collapse and established an important precedent for federal intervention during financial panics.
The Panic of 1792 is sometimes confused with later nineteenth-century panics, but it was the first major financial crisis under the U.S. Constitution. It also helped shape early American ideas about the government’s responsibility toward financial stability.