The Panic of 1792 was the early U.S. financial panic that helped inspire the creation of the New York Stock Exchange.
The crisis began after rapid speculation in securities connected with the new federal government. William Duer and Alexander Macomb borrowed heavily to buy government debt and bank shares, and their failures helped trigger a sharp loss of confidence. Prices fell quickly in New York and Philadelphia, then spread through credit markets.
Treasury Secretary Alexander Hamilton responded by using federal financial measures, including purchases of government securities and support for banks. Before the panic, New York securities trading was conducted informally by brokers. The Buttonwood Agreement of 1792 provided a cooperative framework, and the organization that became the New York Stock Exchange developed from that tradition. The panic is distinct from the later Panics of 1819, 1837, and 1907.