The Panic of 1792 was the first major stock-market crash in the United States, occurring after speculation in government securities.
The episode centered on aggressive speculation by William Duer and Alexander Macomb, who tried to manipulate prices of U.S. government securities and bank shares. When their financing collapsed, creditors and investors rushed to sell.
The panic peaked in March and April 1792. Prices fell sharply, credit became scarce, and several brokers faced failure. The young U.S. financial system had little experience managing a nationwide securities shock.
Treasury Secretary Alexander Hamilton responded by supporting the market through government purchases of securities and by encouraging banks to resume lending. The crisis helped establish the federal government's role in stabilizing financial markets. It also contributed to the creation of the Buttonwood Agreement's successor institution, the New York Stock and Exchange Board, in the following decades.