Later Life
He was a prominent speculator after the peace; he was also elected to the New York General Assembly in 1786. When Alexander Hamilton, Schuyler's son-in-law, became first Secretary of the Treasury in 1789, Duer became the first Assistant Secretary. He continued to speculate in American bonds, including the failed Scioto Company scheme to buy up the American debt to France at a discount. He went bankrupt as a result of the Panic of 1792, and remained in debtor's prison for the rest of his life. His failure has been cited as a cause of the panic, reportedly the first in New York caused by speculation.
Read more about this topic: William Duer (Continental Congressman)
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