McKinley objected to delegate votes being cast for him; nevertheless he finished second, behind the renominated Harrison, but ahead of Blaine, who had sent word he did not want to be considered.[78] Although McKinley campaigned loyally for the Republican ticket, Harrison was defeated by former President Cleveland in the November election. In the wake of Cleveland's victory, McKinley was seen by some as the likely Republican candidate in 1896.[79]
Soon after Cleveland's return to office, hard times struck the nation with the Panic of 1893. A businessman in Youngstown, Robert Walker, had lent money to McKinley in their younger days; in gratitude, McKinley had often guaranteed Walker's borrowings for his business. The governor had never kept track of what he was signing; he believed Walker a sound businessman. In fact, Walker had deceived McKinley, telling him that new notes were actually renewals of matured ones. Walker was ruined by the recession; McKinley was called upon for repayment in February 1893.[80] The total owed was over $100,000 (equivalent to $3 million in 2021) and a despairing McKinley initially proposed to resign as governor and earn the money as an attorney.