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George Washington

The nation's first financial crisis

Mar, 1792
U.S.

The nation's first financial crisis occurred in March 1792. Hamilton's Federalists exploited large loans to gain control of U.S. debt securities, causing a run on the national bank; the markets returned to normal by mid-April. Jefferson believed Hamilton was part of the scheme, in spite of Hamilton's efforts to ameliorate, and Washington again found himself in the middle of a feud.


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