Great prosperity marked the business conditions of the country during President McKinley's administration, and the balance in the U. S. Treasury at the end of his term was nearly $495,000,000, which was a strong contrast to the penury and borrowing during Cleveland's second term. This splendid record, the successful conduct of the Spanish-American war, the success in governing the new territories of the United States, the courageous and dignified action in regard to foreign affairs, and the complete and general satisfaction with his entire administration, made President McKinley the logical and unanimous choice of the party for the nomination in 1900, and the only question in the convention would be as to who would have the honor of the second place on the ticket. All of the minor parties held their conventions in 1900 before the conventions of the old parties. The Social Democrats were first, with their convention at Indianapolis, March 6, 1900, at which Eugene V. Debs was nominated for President. The People's Party met at Sioux Falls, South Dakota, May 9-10, 1900, and nominated William J. Bryan for President and Charles A. Towne for Vice-President. Their platform denounced the gold standard Act of March 14, 1900, advocated free silver, an income tax, and condemned the war policy of the Republican Party. A faction of the People's Party opposed to fusion with the Democrats had seceded in 1896, and became known as the Middle-of-the-Road People's Party; they met in convention at Cincinnati May 9-10, 1900, and nominated Wharton Barker, of Pennsylvania, and Ignatius Donnelly, of Minnesota. The Socialist-Labor Party met at New York June 2-8, 1900, and nominated Joseph F. Malloney, of Massachusetts, and Valentine Remmel, of Pennsylvania. The Prohibition Convention was held in Chicago, Illinois, June 27-28, and nominated John G. Woolley, of Illinois, and Henry B. Metcalf, of Rhode Island.