The act's main purpose was not to raise revenue from the colonies but to bail out the floundering East India Company, a key actor in the British economy. The British government granted the company a monopoly on the importation and sale of tea in the colonies.
The Monroe Doctrine was articulated in President James Monroe's seventh annual message to Congress on December 2, 1823. The European powers, according to Monroe, were obligated to respect the Western Hemisphere as the United States' sphere of interest.
