James Monroe – Key Events and Domestic Affairs
James Monroe took office in 1816. He encountered many problems during his first few years as President. During this time, America was still continuing its westward expansion. They had high expectations for finding fortune in the western lands, and when they did not find as much as they hoped, America was launched into a minor depression. This led to the Panic of 1819, which involved deflation, depression, bank failures, foreclosures, unemployment, losses in agriculture and manufacturing, as well as debtors’ prisons becoming overpopulated. Because of this panic, sectionalism started to become popular again. During this time, the idea of slavery was also building traction and causing further tension among the states.
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Last updated: 03/26/2018