Cleveland's most forceful response to the depression was to blame the Sherman Silver Purchase Act of 1890, passed during the [Republican] Harrison administration, for the nation's economic troubles. … In successfully calling for repeal of the Purchase Act, Cleveland split the Democratic Party down the middle. He lost the support of western and southern Democrats, who thereafter looked upon Cleveland as more Republican than the Republicans. ... Between 1894 and 1896, Cleveland authorized four new government bonds to raise enough gold to prevent the government from defaulting on its international obligations. He was forced to turn to investment banker J. P. Morgan to support the bonds. In relying on Morgan, Cleveland was derided for allying with powerful Wall Street interests instead of helping the average American. The President, however, felt that he had no choice but to replenish the country's gold reserves.

