The Panic of 1792 was the U.S. financial crisis triggered by Alexander Macomb’s failed land speculation and William Duer’s defaults.
The crisis struck in March and April 1792, only a few years after the U.S. Constitution took effect. Speculators had borrowed heavily to buy securities, especially shares connected with the newly established Bank of the United States. When Duer and other borrowers could not meet obligations, confidence collapsed and securities prices fell sharply.
The Bank of the United States and the Treasury helped stabilize markets by supplying liquidity and buying securities. Treasury Secretary Alexander Hamilton’s response is often regarded as an early example of federal intervention during a financial panic.
It is sometimes confused with the later Panic of 1819 or Panic of 1837. The 1792 episode was earlier and centered on the young republic’s emerging securities market.