Monroe sought to eliminate political parties, and the Federalist 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 of the parallel 36°30′ north. 'Many of his most favored projects, such as his plans to construct stronger coastal defenses and the Anglo-American Treaty of 1823 to prohibit the international slave trade, fell victim of presidential political rivalries.