The first major U.S. stock-market panic, beginning in 1792 after speculation in government securities, was the Panic of 1792.
The crisis centered on aggressive speculation in securities connected with the newly established U.S. government. Alexander Macomb and other speculators borrowed heavily, while confidence weakened and lenders demanded repayment.
In March and April 1792, prices fell sharply and credit markets tightened. Treasury Secretary Alexander Hamilton responded by supporting government securities and encouraging banks to provide liquidity, helping stabilize the young financial system.
The episode also helped lead to the creation of the Buttonwood Agreement’s successor market structure and strengthened the New York financial community. The New York Stock Exchange itself was formally organized later, in 1817, so the 1792 panic should not be described as a crash of today’s NYSE.