Adding to Scooks note.
What is it your're trying to do:
1) pan a stereo track moving the whole material more to one side,(use Channel Tools) or
2) pan a stereo track getting rid of the other side, balancing (plain panning
should do), or
3) pan a mono track to position it on the stereo field (plain pan).(EDIT: Missread the title. I see it's stereo panning you talk about)
"For example, when I start panning to the left I'd like to hear less and less of the signal in the right monitor." What is actually happening? Your description leaves it unclear whether the panning has
any effect at all, or if you're talking about some "leftover" audio audible on the quiet side.
Are any FX involved?