Heritage day, as its name states, celebrates heritage (obviously). The reason that "closes gaps" from the past is because it celebrates culture that was suppressed in the past, and it promotes diversity and unity that was previously discouraged or prosecuted.
Monroe made four basic points: (1) the United States would not interfere in the internal affairs of or the wars between European powers; (2) the United States recognized and would not interfere with existing colonies and dependencies in the Western Hemisphere; (3) the Western Hemisphere was closed to future colonization; and (4) any attempt by a European power to oppress or control any nation in the Western Hemisphere would be viewed as a hostile act against the United States.