
The Panic of 1792: The History and Legacy of America’s First Financial Crisis
Failed to add items
Add to Cart failed.
Add to Wish List failed.
Remove from wishlist failed.
Adding to library failed
Follow podcast failed
Unfollow podcast failed
$0.99/mo for the first 3 months

Buy for $5.42
No default payment method selected.
We are sorry. We are not allowed to sell this product with the selected payment method
-
Narrated by:
-
Daniel Houle
About this listen
During the Revolution, relatively little consideration had been given to the role of the federal government in the new nation, and the precise role and authority of an overarching entity with responsibility for all states within the union was a major problem. Having fought against and defeated a distant government that imposed seemingly arbitrary rules on the colonies, many people were suspicious about the role of the federal government. The only federal institution during the war was the Continental Congress, which had little real power and was unable to levy taxes from individual states. When the Constitution was drafted in 1787 and George Washington became the first president six years after the end of the Revolutionary War, he immediately began the task of creating the new federal administration.
One of the most urgent tasks Washington faced was the establishment of a treasury to oversee the finances of America and regulate its currency. This was desperately needed, both because the banking sector barely existed and because America was completely and comprehensively out of money. Indeed, it faced the very real possibility of becoming bankrupt since the massive costs of the Revolution had required borrowing on a vast scale. Banks in Holland provided some of the money, but the bulk came from Britain’s great European rival, France. France provided loan after loan to the Continental Congress, and by the time the war ended, the interest alone on these loans was crippling. Congress could not tax states directly, instead relying on financial requisitions, but few of them were actually paid. The balance of trade was heavily biased in favor of imports, with gold leaving the country at an alarming rate. To overcome this, Congress simply printed more and more paper money, which quickly lost its value. As Thomas MacGraw put it, “The War of Independence not only impoverished the country but also left it burdened with the highest public debt it has ever experienced, measured against the income of its government".
Very few banks, the mechanisms driving the financial system in most other countries, existed in the new country. In 1781, the year in which an American victory against Britain first seemed possible, not a single bank existed in any state. The very first bank was awarded a charter in Philadelphia in 1782, while the second would not be created until after the end of the war in 1784 in New York. Even still, banks were generally awarded charters by individual states, not by Congress, so America had nothing to equate to the treasuries governing the finances of most established nations.
It was clear that the “hands-off” policy Congress initially tried to implement simply would not work in terms of the new nation’s finances. Some means had to be found to limit imports, encourage exports, deal with the country’s massive debt, and establish a national bank and sound fiscal policies that would apply to every part of the new union, not just to individual states. Much of that would fall on Alexander Hamilton and Robert Morris, who helped create the financial institutions that would become the heart of the United States' economy, but the story would also be incomplete without a former Continental Congressman named William Duer, who almost destroyed these same institutions through the Panic of 1792.
The Panic of 1792: The History and Legacy of America’s First Financial Crisis examines the origins of America’s financial system, and how it was disastrously affected so shortly after the Constitution was ratified.
©2020 Charles River Editors (P)2020 Charles River EditorsListeners also enjoyed...
-
Boom and Bust
- A Global History of Financial Bubbles
- By: William Quinn, John D. Turner
- Narrated by: Roger Clark
- Length: 9 hrs and 39 mins
- Unabridged
-
Overall
-
Performance
-
Story
Why do stock and housing markets sometimes experience amazing booms followed by massive busts, and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles. As they do so, they help us understand why bubbles happen and why some have catastrophic economic, social, and political consequences while others have actually benefited society.
-
-
better prepared to spot a bubble
- By Charles P on 09-07-22
By: William Quinn, and others
-
The Color of Money
- Black Banks and the Racial Wealth Gap
- By: Mehrsa Baradaran
- Narrated by: Lisa Reneé Pitts
- Length: 15 hrs and 10 mins
- Unabridged
-
Overall
-
Performance
-
Story
When the Emancipation Proclamation was signed in 1863, the black community owned less than one percent of the United States' total wealth. More than 150 years later, that number has barely budged. The Color of Money pursues the persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. The catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty.
-
-
Both a Bridge and a Battle Cry
- By Darwin8u on 09-26-17
By: Mehrsa Baradaran
-
The House of Morgan
- An American Banking Dynasty and the Rise of Modern Finance
- By: Ron Chernow
- Narrated by: Robertson Dean
- Length: 34 hrs and 37 mins
- Unabridged
-
Overall
-
Performance
-
Story
A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.
-
-
The construction of the House of Morgan
- By Darwin8u on 10-22-18
By: Ron Chernow
-
The Ascent of Money
- A Financial History of the World
- By: Niall Ferguson
- Narrated by: Simon Prebble
- Length: 11 hrs and 27 mins
- Unabridged
-
Overall
-
Performance
-
Story
Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. Niall Ferguson shows that finance is in fact the foundation of human progress.
-
-
A mostly successful and interesting history
- By A reader on 02-24-09
By: Niall Ferguson
-
Wall Street
- A History, Updated Edition
- By: Charles R. Geisst
- Narrated by: Stephen McLaughlin
- Length: 27 hrs and 28 mins
- Unabridged
-
Overall
-
Performance
-
Story
Wall Street is an unending source of legend - and nightmares. It is a universal symbol of both the highest aspirations of economic prosperity and the basest impulses of greed and deception. Charles R. Geisst's Wall Street is at once a chronicle of the street itself - from the days when the wall was merely a defensive barricade built by Peter Stuyvesant - and an engaging economic history of the United States, a tale of profits and losses, enterprising spirits, and key figures that transformed America into the most powerful economy in the world.
-
-
Many books in one; best linking of stories, eras
- By Philo on 03-23-14
-
Lords of Finance
- The Bankers Who Broke the World
- By: Liaquat Ahamed
- Narrated by: Stephen Hoye
- Length: 18 hrs and 32 mins
- Unabridged
-
Overall
-
Performance
-
Story
It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.
-
-
interesting insight into interwar period!
- By Toru on 11-27-09
By: Liaquat Ahamed
-
Boom and Bust
- A Global History of Financial Bubbles
- By: William Quinn, John D. Turner
- Narrated by: Roger Clark
- Length: 9 hrs and 39 mins
- Unabridged
-
Overall
-
Performance
-
Story
Why do stock and housing markets sometimes experience amazing booms followed by massive busts, and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles. As they do so, they help us understand why bubbles happen and why some have catastrophic economic, social, and political consequences while others have actually benefited society.
-
-
better prepared to spot a bubble
- By Charles P on 09-07-22
By: William Quinn, and others
-
The Color of Money
- Black Banks and the Racial Wealth Gap
- By: Mehrsa Baradaran
- Narrated by: Lisa Reneé Pitts
- Length: 15 hrs and 10 mins
- Unabridged
-
Overall
-
Performance
-
Story
When the Emancipation Proclamation was signed in 1863, the black community owned less than one percent of the United States' total wealth. More than 150 years later, that number has barely budged. The Color of Money pursues the persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. The catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty.
-
-
Both a Bridge and a Battle Cry
- By Darwin8u on 09-26-17
By: Mehrsa Baradaran
-
The House of Morgan
- An American Banking Dynasty and the Rise of Modern Finance
- By: Ron Chernow
- Narrated by: Robertson Dean
- Length: 34 hrs and 37 mins
- Unabridged
-
Overall
-
Performance
-
Story
A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.
-
-
The construction of the House of Morgan
- By Darwin8u on 10-22-18
By: Ron Chernow
-
The Ascent of Money
- A Financial History of the World
- By: Niall Ferguson
- Narrated by: Simon Prebble
- Length: 11 hrs and 27 mins
- Unabridged
-
Overall
-
Performance
-
Story
Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. Niall Ferguson shows that finance is in fact the foundation of human progress.
-
-
A mostly successful and interesting history
- By A reader on 02-24-09
By: Niall Ferguson
-
Wall Street
- A History, Updated Edition
- By: Charles R. Geisst
- Narrated by: Stephen McLaughlin
- Length: 27 hrs and 28 mins
- Unabridged
-
Overall
-
Performance
-
Story
Wall Street is an unending source of legend - and nightmares. It is a universal symbol of both the highest aspirations of economic prosperity and the basest impulses of greed and deception. Charles R. Geisst's Wall Street is at once a chronicle of the street itself - from the days when the wall was merely a defensive barricade built by Peter Stuyvesant - and an engaging economic history of the United States, a tale of profits and losses, enterprising spirits, and key figures that transformed America into the most powerful economy in the world.
-
-
Many books in one; best linking of stories, eras
- By Philo on 03-23-14
-
Lords of Finance
- The Bankers Who Broke the World
- By: Liaquat Ahamed
- Narrated by: Stephen Hoye
- Length: 18 hrs and 32 mins
- Unabridged
-
Overall
-
Performance
-
Story
It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.
-
-
interesting insight into interwar period!
- By Toru on 11-27-09
By: Liaquat Ahamed
-
Daylight Robbery
- How Tax Shaped Our Past and Will Change Our Future
- By: Dominic Frisby
- Narrated by: Dominic Frisby
- Length: 8 hrs and 48 mins
- Unabridged
-
Overall
-
Performance
-
Story
For most people, tax is something we pay, simply because we must. We seldom think much more about it; in fact, tax is something we'd rather forget. But the reality is that tax is the key to power. No government can survive without tax revenue - it is the fuel that every state, large and small, runs on. Many of the problems we face today, not least the enormous wealth gaps between rich and poor and between generations, can be traced back to our systems of tax.
-
-
Fantastic
- By Arielle on 11-03-21
By: Dominic Frisby
-
When Money Dies
- The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar, Germany
- By: Adam Fergusson
- Narrated by: Antony Ferguson
- Length: 9 hrs
- Unabridged
-
Overall
-
Performance
-
Story
When Money Dies is the classic history of what happens when a nations currency depreciates beyond recovery. In 1923, with its currency effectively worthless (the exchange rate in December of that year was one dollar to 4,200,000,000,000 marks), the German republic was all but reduced to a barter economy. Expensive cigars, artworks, and jewels were routinely exchanged for staples such as bread; a cinema ticket could be bought for a lump of coal; and a bottle of paraffin for a silk shirt....
-
-
Useless details, missing the big points
- By Jean Le Lupi on 07-04-12
By: Adam Fergusson
-
On Corruption in America
- And What Is at Stake
- By: Sarah Chayes
- Narrated by: Sarah Chayes
- Length: 12 hrs and 49 mins
- Unabridged
-
Overall
-
Performance
-
Story
In this unflinching exploration of corruption in America, Chayes exposes how corruption has thrived within our borders - from the titans of America's Gilded Age (Andrew Carnegie, John D. Rockefeller, J.P. Morgan, et al.) to the collapse of the stock market in 1929, the Great Depression, and FDR's New Deal; from Joe Kennedy's years of banking, bootlegging, machine politics, and pursuit of infinite wealth to the deregulation of the Reagan Revolution - undermining this nation's proud middle class and union members.
-
-
Profoundly ambitious and genuine yet...
- By Jerry A. Boriskin on 08-16-20
By: Sarah Chayes
-
Inside Money
- Brown Brothers Harriman and the American Way of Power
- By: Zachary Karabell
- Narrated by: Zachary Karabell
- Length: 17 hrs and 16 mins
- Unabridged
-
Overall
-
Performance
-
Story
In Inside Money, acclaimed historian, commentator, and former financial executive Zachary Karabell offers the first full and frank look inside this institution against the backdrop of American history. Blessed with complete access to the company's archives, as well as a thrilling understanding of the larger forces at play, Karabell has created an X-ray of American power - financial, political, cultural - as it has evolved from the early 1800s to the present.
-
-
Brilliant, well researched & highly insightful
- By Mongezi on 02-11-22
By: Zachary Karabell
-
The Lords of Creation
- By: Fredrick Lewis Allen
- Narrated by: William Hope
- Length: 17 hrs and 1 min
- Unabridged
-
Overall
-
Performance
-
Story
An acclaimed classic detailing the economic history of America in the late nineteenth and early twentieth centuries and exposing the capitalist giants who changed the world. Frederick Lewis Allen’s insightful financial history of the United States - from the late 1800s through the stock market collapse of 1929 - remains a seminal work on what brought on America’s worst economic disaster: the Great Depression.
-
-
Brisk, listenable tale of big $, Gilded Age to 30s
- By Philo on 10-30-18
-
Iron Empires
- Robber Barons, Railroads, and the Making of Modern America
- By: Michael Hiltzik
- Narrated by: Nicholas Tecoksy
- Length: 14 hrs and 57 mins
- Unabridged
-
Overall
-
Performance
-
Story
In 1869, when the final spike was driven into the Transcontinental Railroad, few were prepared for its seismic aftershocks. Once a hodgepodge of short, squabbling lines, America's railways soon exploded into a titanic industry helmed by a pageant of speculators, crooks, and visionaries. The vicious competition between empire builders such as Cornelius Vanderbilt, Jay Gould, J. P. Morgan, and E. H. Harriman sparked stock market frenzies, panics, and crashes; provoked strikes; transformed the nation's geography; and culminated in a ferocious two-man battle....
-
-
History doesn't get any better
- By Philo on 02-06-21
By: Michael Hiltzik
-
The Corporation That Changed the World
- How the East India Company Shaped the Modern Multinational
- By: Nick Robins
- Narrated by: Simon Barber
- Length: 11 hrs and 49 mins
- Unabridged
-
Overall
-
Performance
-
Story
The English East India Company was the mother of the modern multinational. Its trading empire encircled the globe, importing Asian luxuries such as spices, textiles, and teas. But it also conquered much of India with its private army and broke open China's markets with opium. The Company's practices shocked its contemporaries and still reverberate today.
-
-
Not what I expect from a history book
- By Bobby on 10-09-18
By: Nick Robins
-
For Profit
- A History of Corporations
- By: William Magnuson
- Narrated by: Dan Woren
- Length: 13 hrs and 25 mins
- Unabridged
-
Overall
-
Performance
-
Story
Americans have long been skeptical of corporations, and that skepticism has only grown more intense in recent years. Meanwhile, corporations continue to amass wealth and power at a dizzying rate, recklessly pursuing profit while leaving society to sort out the costs. In For Profit, law professor William Magnuson argues that the story of the corporation didn’t have to come to this. Throughout history, he finds, corporations have been purpose-built to benefit the societies that surrounded them.
-
-
Selected stories give great explanations
- By Philo on 11-27-22
By: William Magnuson
-
Wealth Secrets of the One Percent
- A Modern Manual to Getting Marvelously, Obscenely Rich
- By: Sam Wilkin
- Narrated by: Sam Wilkin, Joe Barrett
- Length: 12 hrs and 49 mins
- Unabridged
-
Overall
-
Performance
-
Story
From the richest Romans to the robber barons to today's bankers and tech billionaires, Sam Wilkin offers Freakonomics-esque insights into what it really takes to make a fortune. These stories of larger-than-life characters, strategies, and sacrifices reveal how the wealthiest did it, usually by a passion for finding loopholes, working around bureaucratic systems, and creating obstacles to competitors.
-
-
This is not a manual to getting "Obscenely Rich!"
- By Franck W. on 10-10-15
By: Sam Wilkin
-
A History of Money and Banking in the United States: The Colonial Era to World War II
- By: Murray N. Rothbard
- Narrated by: Matthew Mezinskis
- Length: 13 hrs and 48 mins
- Unabridged
-
Overall
-
Performance
-
Story
In what is sure to become the standard account, Rothbard traces inflations, banking panics, and money meltdowns from the colonial period through the mid-20th century to show how government's systematic war on sound money is the hidden force behind nearly all major economic calamities in American history. Never has the story of money and banking been told with such rhetorical power and theoretical vigor. You will treasure this volume.
-
-
Great facts (if selective); ideological rigidity
- By Philo on 02-04-16
-
Money for Nothing
- The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money, Panicked a Nation, and Made the World Rich
- By: Thomas Levenson
- Narrated by: Dan Bittner
- Length: 12 hrs and 12 mins
- Unabridged
-
Overall
-
Performance
-
Story
In the heart of the Scientific Revolution, when new theories promised to explain the affairs of the universe, Britain was broke, facing a mountain of debt accumulated in war after war it could not afford. But that same Scientific Revolution - the kind of thinking that helped Isaac Newton solve the mysteries of the cosmos - would soon lead clever, if not always scrupulous, men to try to figure a way out of Britain’s financial troubles.
-
-
Financial innovation's first song of the siren.
- By Michael Barnett on 09-06-20
By: Thomas Levenson
-
The Money Men
- Capitalism, Democracy, and the Hundred Years' War over the American Dollar
- By: H. W. Brands
- Narrated by: Lloyd James
- Length: 5 hrs and 30 mins
- Unabridged
-
Overall
-
Performance
-
Story
A best-selling historian's gripping account of the powerful men who controlled America's financial destiny. From the first days of the United States, a battle raged over money. On one side were the democrats, who wanted cheap money and feared the concentration of financial interests in the hands of a few. On the other were the capitalists who sought the soundness of a national bank and the profits that came with it.
-
-
Not clear what this book is really about
- By Chris on 07-03-08
By: H. W. Brands
What listeners say about The Panic of 1792: The History and Legacy of America’s First Financial Crisis
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
-
Overall
-
Performance
-
Story
- Frank Donnelly
- 02-14-21
Very Good For A Condensed Work
I really liked this audiobook. I read along in Kindle. It was very faithful to the text. I learned a great deal. I have not yet fact checked the work, although everything I already know is consistent with items in the work. However I had never heard of the Panic of 1792 that I can recall or William Duer, that I can recall. So presuming this work is factually accurate, I learned a good deal in a one day study. Thank You...
Something went wrong. Please try again in a few minutes.
You voted on this review!
You reported this review!