The severe U.S. financial crisis that began in 1792 after speculative trading and bank runs was the Panic of 1792.
The crisis centered on speculation in securities issued by the new United States government and on the activities of financier William Duer. Duer and his associates borrowed heavily to buy securities, helping push prices upward. When confidence weakened, borrowers struggled to obtain credit and investors rushed to sell.
The panic reached New York and Philadelphia in March and April 1792. Treasury Secretary Alexander Hamilton responded by supporting the purchase of government securities and encouraging banks to provide liquidity. His intervention helped prevent a broader collapse in the young financial system.
The Panic of 1792 is often confused with the later Panic of 1819, the first major nationwide U.S. depression. It occurred before the New York Stock Exchange was formally organized, although securities trading already operated in New York. The episode helped establish expectations that the federal government might act during a financial emergency.