464. Benjamin Harrison elected President, 1888.--In 1888 the Democrats put forward Cleveland as their candidate for President. The Republicans nominated Benjamin Harrison of Indiana. Like Hayes and Garfield, he had won renown in the Civil War and was a man of the highest honor and of proved ability. The prominence of the old Southern leaders in the Democratic administration, and the neglect of the business interests of the North, compelled many Northern Republicans who had voted for Cleveland to return to the Republican party. The result was the election of Harrison and of a Republican majority in the House of Representatives. [Sidenote: The McKinley tariff, 1890.] [Sidenote: Reciprocity.] 465. The McKinley Tariff, 1890.--One of the questions most discussed in the campaign of 1888 was the reform of the tariff. There seem to have been two sets of tariff reformers. One set of reformers proposed to reform the tariff by doing away with as much of it as possible. The other set of reformers proposed to readjust the tariff duties so as to make the protective system more consistent and more perfect. Led by William McKinley, the Republicans set to work to reform the tariff in this latter sense. This they did by generally raising the duties on protected goods. The McKinley Tariff Act also offered reciprocity to countries which would favor American goods. This offer was in effect to lower certain duties on goods imported from Argentina, for instance, if the Argentine government would admit certain American goods to Argentina on better terms than similar goods imported from other countries. [Illustration: THE CAPITOL AT WASHINGTON.] [Sidenote: Gold and Silver] [Sidenote: Sherman Silver Law.] 466. The Sherman Silver Law, 1890.--In the Civil War gold and silver had disappeared from circulation. But after the close of the war a gradual return was made to specie payments. In the colonial days the demand for silver, as compared with the demand for gold, outran the supply. The consequence was that silver was constantly becoming worth more in comparison with gold. In the nineteenth century the supply of silver has greatly outstripped the demand, with the result that silver has greatly declined in value as compared with gold. In 1871 the government decided to use silver for small coins only, and not to allow silver to be offered in payment of a larger sum than five dollars. This was called the "demonetization of silver." In 1878 a small but earnest band of advocates of the free coinage of silver secured the passage of an act of Congress for the coinage of two million silver dollars each month. The silver in each one of these dollars was only worth in gold from ninety to sixty cents. In 1890, Senator John Sherman of Ohio brought in a bill to increase the coinage of these silver dollars which, in 1894, were worth only forty nine cents on the dollar in gold. [Sidenote: Business depression.] [Sidenote: Cleveland elected President, 1892.]