The 1792 U.S. market panic was the Panic of 1792.
The crisis centered on aggressive speculation in securities, especially the debt of the young United States and shares of the Bank of the United States. Alexander Hamilton's financial program had helped establish a market for government securities, but rapid trading and easy credit pushed prices upward.
In March 1792, prices fell sharply, and the troubles intensified in late May when prominent speculator William Duer defaulted. Hamilton responded by arranging government purchases of securities and encouraging banks to continue lending, helping stabilize the financial system.
The crisis also encouraged New York brokers to formalize their trading practices. In 1792, twenty-four merchants signed the Buttonwood Agreement, an arrangement commonly regarded as the foundation of the New York Stock Exchange. The panic is sometimes confused with later U.S. banking panics, but it occurred only a few years after the federal government began operating under the Constitution.