It Happened Today in New York City

On March 23, 1792, failed speculator William Duer, who had plunged the new nation’s economy to the brink of depression, was arrested and sent to debtor’s prison, where he remained for the rest of his life. The financial panic was the first of its kind for the city of New York, in that it was brought about by speculation, and resulted in a loss of over 3-million dollars, an astronomical sum at the time.

• Posted in: Almanac