First Term: The Era of Good Feelings
After victory in the War of 1812 and a favorable treaty, America was in a time of economic growth at the beginning of James Monroe’s Presidency. James Monroe successfully resolved his first dilemma with Spain by purchasing Florida and expanding U.S. Territory. However, the expansion would cause monetary problems due to expansion as speculators took on loans that would be unable to be secured. The results would the the Panic of 1819, unemployment spread and a major decline in real estate values were a couple or problems seen in the depression.
We also see the beginnings of Slavery being a problem during the Monroe presidency as the north had banned slavery and the south still continued their practice of owning slaves. When Missouri was to join the union, there was a debate as to whether it would become a free or slave state. The solution would be to admit Missouri as a slave state and allow Maine to join the union as a free state. Leading to the creation of the Missouri Compromise of 1820, which would use the boundary e parallel 36°30 as a guideline to admit one free northern state and one slave southern state
In his address to congress in 1823, James Monroe proclaimed an end to European Colonization within the western hemisphere. “It is impossible that the allied powers should extend their political system to any portion of [North or South America] without endangering our peace and happiness…”(The Monroe Doctrine 1823).
James Monroe. (2015). The Biography.com website. Retrieved 09:36, May 19, 2015, from http://www.biography.com/people/james-monroe-9412098.