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In 1816 Monroe obtained the presidential nomination and was easily elected. During his first administration, serious differences over the question of slavery in the territories were accommodated by the Missouri Compromise, which Monroe signed despite his sympathy for the South in this matter. In foreign affairs a number of settlements were reached. The Rush-Bagot agreement with Great Britain (1817) provided for mutual limitation of armaments on the Great Lakes, and the U.S.-Canadian boundary question was also settled. U.S. possession of the Floridas was confirmed by Andrew Jackson's campaigns and a treaty with Spain (1819).
In the 1820 election, despite economic depression, Monroe lost only one vote in the electoral college that reelected him. Late in 1823, he issued what came to be known as the Monroe Doctrine, one of the most important principles of U.S. foreign policy. Although this declaration was as much the work of Monroe's Secretary of State, John Quincy Adams, as of the President himself, the initiative for presenting it in the annual message to Congress was Monroe's. The experiment of the American Colonization Society in settling Liberia was undertaken with Monroe's blessing, and Monrovia was named for him.
At the end of his term Monroe retired to his estate, Oak Hill, near Leesburg, Va. In 1829 he presided over the Virginia constitutional convention and supported the conservatives on suffrage and slavery. He died during a visit to New York City.
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