The 1792 U.S. financial panic considered the first major financial crisis in American history was the Panic of 1792.
The crisis developed during rapid speculation in securities issued by the new U.S. government and in bank shares. Alexander Hamilton’s financial program had helped establish public credit, but easy lending and aggressive speculation pushed prices upward. When confidence weakened, investors tried to sell securities and obtain cash at the same time.
The panic peaked in March and April 1792. The Bank of the United States and other institutions faced pressure, while the prices of government securities dropped sharply. Treasury Secretary Alexander Hamilton responded by arranging purchases of securities and encouraging banks to continue lending.
Hamilton’s intervention helped stabilize the market and is an early example of a government-backed response to a financial panic. The event is distinct from the Panic of 1819, which was later and connected to postwar lending and land speculation.