The 1792 U.S. financial panic that followed speculation in government securities was the Panic of 1792.
The crisis developed during the early years of the United States financial system. Speculators, especially William Duer and Alexander Macomb, borrowed heavily to buy government securities and bank shares. When they could not meet their obligations, selling pressure spread through banks and brokers in New York and Philadelphia.
The panic was one of the first major tests of the young republic’s financial institutions. Treasury Secretary Alexander Hamilton responded by supporting banks and arranging purchases of government securities, helping stabilize prices and restore confidence.
The Buttonwood Agreement had been signed in New York in 1792 by brokers seeking more orderly securities trading. It is commonly treated as the founding document of what became the New York Stock Exchange, although the agreement itself was not created by the panic as a formal rescue measure.