The 1792 U.S. financial crisis triggered by speculation and bank failures was the Panic of 1792.
The crisis developed in the young United States during a wave of speculation in government securities and bank shares. William Duer and Alexander Macomb borrowed heavily to buy securities, helping push prices upward. When they could not meet their obligations, confidence weakened and creditors demanded payment.
The panic centered on New York and Philadelphia, then the country’s leading financial centers. Treasury Secretary Alexander Hamilton responded by purchasing government securities and arranging support for banks, helping stabilize markets. The episode showed how quickly leverage and fear could spread through a still-developing financial system.
It is sometimes confused with later panics such as 1819 or 1837. The 1792 event was especially important because it helped establish early U.S. precedents for central-government intervention during a financial emergency.