Two years of Democratic failure in the management of the affairs of the country had its effect on the Congressional elections in 1894, and the Democrats experienced an overwhelming and crushing defeat, and the Fifty-fourth Congress to meet in December, 1895, would be composed of 39 Democrats, 44 Republicans and six Alliance Senators; and 104 Democrats, 245 Republicans, one Silverite and seven Populists in the House. The continued drain on the gold reserve made necessary the issuance of bonds to obtain gold, and the bonded debt of the country was increased during Cleveland's term $262,000,000. The Wilson tariff bill, it was felt, would be insufficient to produce enough revenue to meet the expenditures of the Government, and an attempt was made to meet the deficit by imposing a tax of two percent on all incomes over $4,000, but this was subsequently declared unconstitutional by the Supreme Court. Only one bright spot seems to appear in all this disastrous period, and it was the vigorous policy of interference by the President in the dispute between Great Britain and Venezuela. A bold and decided stand was taken for the Monroe Doctrine, but even this had its evil effect, for the business interests were agitated by the fear of war with Great Britain. Such was the disastrous story of four years of Democratic control of the Government, and the Republicans, in the early months of 1896, looked forward with the utmost confidence to the elections of their candidates, who would be named in a convention to be held at St. Louis, Mo., in June. CHAPTER XIX. M'KINLEY. "We have been moving in untried paths, but our steps have been guided by honor and duty. There will be no turning aside, no wavering, no retreating. No blow has been struck except for liberty and humanity, and none will be. We will perform without fear every national and international obligation. The Republican Party was dedicated to freedom forty-four years ago. It has been the party of liberty and emancipation from that hour, not of profession, but of performance. It broke the shackles of 4,000,000 of slaves and made them free, and to the party of Lincoln has come another supreme opportunity which it has bravely met in the liberation of 10,000,000 of the human family from the yoke of imperialism." _William McKinley_, _Canton_, _Ohio_, _July_ 12, 1900. [Illustration: Inauguration of William McKinley, March 4, 1897.]