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
Era of Good Feelings good feelings" and a general mood of optimism emerged with hopes for political reconciliation. Monroe's landslide victory against Federalist Rufus King in the 1816 presidential election was so widely predicted that voter turnout was low. A spirit of reconciliation between Republicans and Federalists was well underway when Monroe assumed office in March 1817. As president, James Monroe was widely expected to facilitate a rapprochement of the political parties in order to harmonize the country in a common national outlook, rather than party interests. Both parties exhorted him to include a Federalist in his cabinet to symbolize the new era of