What was a immediate cause of the panic of 1837

President Andrew Jackson, in effect, caused the Panic of 1837 by ending the bank of the United States while also issuing an executive order, known as Specie Circular, that required government land to be purchased with gold or silver.

Jackson's actions dried up credit in the US causing the panic.

powers  are  denied  to the  national governmentin three distinct ways: some  powers, such as the  power  to levy duties on exports or prohibit the freedom of religion, speech, press, or assembly, are expressly  denied  to the  national government  in the  constitution.