The 1792 U.S. financial crisis triggered by William Duer's speculation was the Panic of 1792.
The panic developed in the young United States after speculators borrowed heavily to buy securities issued by the government and the First Bank of the United States. William Duer, a former Treasury official, helped drive the speculative boom by borrowing large sums, but could not repay his creditors when prices turned downward.
The resulting run on banks and securities markets struck Philadelphia and New York in March 1792. Alexander Hamilton, the U.S. Treasury secretary, responded by arranging government purchases of securities and encouraging banks to resume lending. His intervention helped restore confidence and is often regarded as an early example of a central-government rescue of financial markets.
The Panic of 1792 is sometimes confused with later U.S. panics, especially the Panic of 1819. It was much earlier, occurring only a few years after the U.S. Constitution took effect and before the New York Stock Exchange was formally organized.