[102] Congress would not raise tariff rates until the passage of the Tariff of 1824.[103] The panic resulted in high unemployment and an increase in bankruptcies and foreclosures,[90][104] and provoked popular resentment against banking and business enterprises.[105][106]

Foreign affairs
According to historian William Earl Weeks, "Monroe evolved a comprehensive strategy aimed at expanding the Union externally while solidifying it internally". He expanded trade and pacified relations with Great Britain while expanding the United States at the expense of the Spanish Empire, from which he obtained Florida and the recognition of a border across the continent. Faced with the breakdown of the expansionist consensus over the question of slavery, the president tried to provide both North and South with guarantees that future expansion would not tip the balance of power between slave and free states, a system that, Weeks remarks, did indeed allow the continuation of American expansion for the best of four decades.[107]

Treaties with Britain and Russia
Monroe pursued warmer relations with Britain in the aftermath of the War of 1812.