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Second presidency (1893–1897)
Shortly after Cleveland's second term began, the Panic of 1893 struck the stock market, and he soon faced an acute economic depression.[201] The panic was worsened by the acute shortage of gold that resulted from the increased coinage of silver, and Cleveland called Congress into special session to deal with the problem.[202] The debate over the coinage was as heated as ever, and the effects of the panic had driven more moderates to support repealing the coinage provisions of the Sherman Silver Purchase Act. Even so, the silverites rallied their following at a convention in Chicago, and the House of Representatives debated for fifteen weeks before passing the repeal by a considerable margin In the Senate, the repeal of silver coinage was equally contentious. Cleveland, forced against his better judgment to lobby the Congress for repeal, convinced enough Democrats—and along with eastern Republicans, they formed a 48–37 majority for repeal. Depletion of the Treasury's gold reserves continued, at a lesser rate, and subsequent bond issues replenished supplies of gold At the time the repeal seemed a minor setback to silverites, but it marked the beginning of the end of silver as a basis for American currency.