Many people believed the depression would end if the government issued more paper money backed by silver.
President Grover Cleveland disagreed. And he opposed any legislation that might threaten the gold standard. He noted that every major nation supported its paper money with gold. The United States would be foolish, he said, not to do the same. It could not stand apart from the world's other money systems.
KAY GALLANT: President Cleveland belonged to the Democratic Party. By eighteen ninety-six, many Democrats had become silverites. They gained control of party organizations in several western and southern states. They called Cleveland a traitor to his party and to the American people. They did not want him to be the party's candidate in that year's election.
The Republican Party also was divided over the issue of gold and silver. Some members from silver-mining states in the west left the party. Others remained in the party, but gave support secretly to silverite Democrats.
Republicans had done well in the congressional elections of eighteen ninety-four. They won control of both the Senate and House of Representatives. Party leaders were sure a Republican could be elected president in eighteen ninety-six. The most likely candidate appeared to be Governor William McKinley of Ohio.
loc.govWilliam McKinley
HARRY MONROE: McKinley was, in fact, nominated on the first ballot at the Republican convention in St. Louis, Missouri.
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