The 1896 United States presidential election was the 28th quadrennial presidential election, held on Tuesday, November 3, 1896. Former Governor William McKinley, the Republican candidate, defeated former Representative William Jennings Bryan, the Democratic candidate. The 1896 campaign, which took place during an economic depression known as the Panic of 1893, was a political realignment that ended the old Third Party System and began the Fourth Party System. Incumbent Democratic President Grover Cleveland did not seek election to a second consecutive term (which would have been his third overall), leaving the Democratic nomination open. Bryan, an attorney and former Congressman, galvanized support with his Cross of Gold speech, which called for a reform of the monetary system and attacked business leaders as the cause of ongoing economic depression. The 1896 Democratic National Convention repudiated the Cleveland administration and nominated Bryan on the fifth presidential ballot. Bryan then won the nomination of the Populist Party, which had won several states in 1892 and shared many of Bryan's policies. In opposition to Bryan, some conservative Bourbon Democrats formed the National Democratic Party and nominated Senator John M. Palmer. McKinley prevailed by a wide margin on the first ballot of the 1896 Republican National Convention. Since the onset of the Panic of 1893, the nation had been mired in a deep economic depression, marked by low prices, low profits, high unemployment, and violent strikes. Economic issues, especially tariff policy and the question of whether the gold standard should be preserved for the money supply, were central issues. McKinley forged a conservative coalition in which businessmen, professionals, prosperous farmers, and skilled factory workers turned off by Bryan's agrarian policies were heavily represented. McKinley was strongest in cities and in the Northeast, Upper Midwest, and Pacific Coast. Republican campaign manager Mark Hanna pioneered many modern campaign techniques, facilitated by a $3.5 million budget. Bryan presented his campaign as a crusade of the working man against the rich, who impoverished America by limiting the money supply. Silver, he said, was in ample supply and if coined into money would restore prosperity while undermining the illicit power of the money trust. Bryan was strongest in the South, rural Midwest, and Rocky Mountain states. Bryan's moralistic rhetoric and crusade for inflation (to be generated by the institution of bimetallism) alienated conservatives. Bryan campaigned vigorously throughout the swing states of the Midwest, while McKinley conducted a "front porch" campaign. At