Which 1792 U.S. market panic was associated with William Duer's failed speculation?

The 1792 U.S. market panic was associated with William Duer's failed speculation.

The young United States experienced intense speculation in government securities and bank shares during early 1792. William Duer, a prominent financier and former government official, borrowed heavily to speculate in securities and to support a new bank venture. When he could not meet his obligations, confidence weakened and prices fell.

The panic spread through New York and Philadelphia, then the country’s main financial centers. Treasury Secretary Alexander Hamilton responded by arranging government purchases of securities and encouraging banks to provide credit, helping restore liquidity.

The episode was one of the first major financial crises under the U.S. Constitution. It also demonstrated the influence of public credit and central financial coordination, although the United States did not yet have a permanent central bank comparable to the Federal Reserve created more than a century later.