The first major U.S. stock-market crash commonly associated with the episode was the Panic of 1792.
The crisis developed in early United States financial markets amid speculation in government securities and bank shares. William Duer and other speculators borrowed heavily, and falling prices made it difficult to repay loans. Fear spread through New York and Philadelphia as lenders demanded payment and investors tried to sell.
Alexander Hamilton, the first U.S. secretary of the treasury, responded with measures intended to restore confidence and support the market. The episode showed how quickly credit problems could move between banks, brokers, and securities markets in the young republic.
The Panic of 1792 is often considered the first major financial crisis in U.S. history. It is not the same as the later Panic of 1819 or the more famous Wall Street Crash of 1929. The 1792 episode also helped establish expectations that the federal government might act during a financial emergency.