The Panic of 1792 struck New York, triggered by speculative financial schemes involving prominent figures like William Duer and Alexander Macomb. This credit crisis led to a loss of confidence in the financial system and prompted the formation of the Buttonwood Agreement, which laid the groundwork for the New York Stock Exchange. The Panic highlighted the vulnerabilities of early American finance and the need for regulatory frameworks.

The Panic of 1792 in New York influenced early American poetry, with federalist and anti-federalist verses reflecting the moral dilemmas of a young republic. Political broadsides from this period debated the implications of paper credit, embedding economic anxieties into the fabric of American literary identity.