Presidency of James Monroe Party faded as a national institution during his presidency. The Democratic-Republicans also stopped functioning as a unified political party, and the period during which Monroe served as president is often referred to as the "Era of Good Feelings" due to the lack of partisan conflict. Domestically, Monroe faced the Panic of 1819, the first major recession in the United States since the ratification of the Constitution. He supported many federally-funded infrastructure projects, but vetoed other projects due to constitutional concerns. Monroe supported the Missouri Compromise, which admitted Missouri as a slave state but excluded slavery in the remaining territories north
James Monroe of Virginia and rose to national prominence as a diplomat in France when he helped negotiate the Louisiana Purchase in 1803. During the War of 1812, Monroe served in critical roles as Secretary of State and the Secretary of War under President James Madison. Facing little opposition from the waning Federalist Party, Monroe was easily elected president in 1816, winning over eighty percent against Rufus King (who hadn't even been chosen by a convention since the Federalists were too weak to organize) of the electoral vote and becoming the last president during the First Party System era of American politics.