In 1823, Monroe announced the United States' opposition to any European intervention in the recently independent countries of the Americas with the Monroe Doctrine, which became a landmark in American foreign policy. Monroe was a member of the American Colonization Society, which supported the colonization of Africa by freed slaves, and Liberia's capital of Monrovia is named in his honor. Following his retirement in 1825, Monroe was plagued by financial difficulties, and died on July 4, 1831 in New York City. Madison also hoped that Monroe, an experienced diplomat with whom he had once been close friends, would improve upon the performance of the previous Secretary of State, Robert Smith. Madison assured Monroe that their differences regarding the Monroe-Pinkney Treaty had been a misunderstanding, and the two resumed their friendship.
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