Question

what was an immediate cause of the panic of 1837?

Answer 1

Recession because of president Jackson's drastic movement of the federal bank deposits.

Answer 2

Also here's more information on it:

http://en.wikipedia.org/wiki/Panic_of_1837

Answer 3

President Andrew Jackson refused to recharter Nicholas Biddle's(I know it's an awesome name that should have been in Harry Potter.) Second Bank of the United States. So instead he decided to transfer $10 million in government deposits to favored state banks aka pet banks. Without the Second Bank of the United States the state banks were unstable due to the reckless credit policies of state banks such as eager loaning and excessive issuing of paper money.

Answer 4

thank you so much