The 1792 U.S. financial crisis involving speculator William Duer was the Panic of 1792.
The panic developed in March and April 1792 after aggressive speculation in securities, including government debt and shares of the Bank of the United States. William Duer borrowed heavily to support market operations, and his inability to repay creditors helped trigger a chain of defaults.
The crisis threatened New York’s young securities market, which was still developing after the Constitution created a new federal financial system. Falling prices and demands for payment spread fear among brokers and lenders.
Treasury Secretary Alexander Hamilton responded by arranging purchases of government securities and encouraging banks to provide credit. The intervention helped stabilize markets and is often regarded as an early example of a central-government response to a financial panic. It is distinct from the later Panics of 1819 and 1837, which had different causes and broader economic effects.