What was the name of the financial panic that began in the United States in 1792?

The financial panic that began in the United States in 1792 was called the Panic of 1792.

The panic was an early American securities-market crisis involving speculation in government securities and bank stocks. William Duer and Alexander Macomb borrowed heavily to speculate, while traders also attempted to manipulate prices. When confidence weakened and borrowers could not meet obligations, selling and defaults spread through the young financial system.

The crisis threatened the markets in New York and Philadelphia, the country’s two principal financial centers. Treasury Secretary Alexander Hamilton responded by arranging purchases of government securities and supporting liquidity. His intervention helped stabilize prices and is often regarded as an early example of central financial support in the United States.

The Panic of 1792 is sometimes confused with later panics such as those of 1819 or 1837. It occurred only a few years after the U.S. Constitution took effect and before the New York Stock Exchange formally organized under that name. The episode helped establish the federal government’s role in financial emergencies.