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Panic of 1792
The Panic of 1792 was a financial credit crisis that occurred during the months of March and April 1792, precipitated by the expansion of credit by the newly formed Bank of the United States as well as by rampant speculation on the part of William Duer, Alexander Macomb, and other prominent bankers. Duer, Macomb, and their colleagues attempted to drive up prices of US debt securities and bank stocks, but when they defaulted on loans, prices fell, causing a bank run. Simultaneous tightening of credit by the Bank of the United States served to heighten the initial panic. Secretary of the Treasury Alexander Hamilton was able to deftly manage the crisis by providing banks across the Northeast with hundreds of thousands of dollars to make open-market purchases of securities, which allowed the market to stabilize by May 1792.
==Bank of the United States and the Crisis of 1791==
In December 1790, Hamilton called for the creation of the Bank of the United States, and in February 1791 President George Washington signed the charter allowing it to open. During the initial public offering for the Bank of the United States, investors paid $25 for a stock, called a scrip, and were required to make three additional payments in six-month intervals totaling $375. These payments were to be 25% in specie and 75% in US debt securities.〔(Cowan, Sylla & Wright ) "Alexander Hamilton, Central Banker: Crisis Management During the US Financial Panic of1792," ''Business History Review'', Vol. 83, Spring 2009.〕 Demand for stock in the newly formed Bank of the United States was significant, and prices for scrips increased dramatically for the first several weeks, reaching $280 in New York and reportedly over $300 in Philadelphia by mid-August.〔 The market shifts were not sustainable, and within days prices began to fall rapidly. Hamilton stepped in by working with William Seton, the cashier of the Bank of New York, to authorize the purchase of $150,000 of public debt in New York to be covered by government revenues.〔 By September 12, prices had recovered, and Hamilton’s intervention had not only stabilized the market but also laid the groundwork for his cooperation with the Bank of New York, which would later be crucial in ending the Panic of 1792.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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