In 1792 the antics of an English-born speculator called William Duer sent the newly born US's ramshackle financial system into meltdown as an ill-fated attempt to corner the market in government bonds blew up, ruining the speculators and those who had lent them money, including the Madame of a brothel. The attempt at cornering was made possible by the process of setting up the nation's first central bank. Alexander Hamilton managed to contain the immediate fallout but his arguments in favour of setting up a central bank were weakened and its charter expired after 20 years. However, a mostly modernized financial system was in place by then, which had allowed the nation to go through with the Louisiana Purchase without lasting damage to its finances.