Presidential elections were held in the United States on November 3, 1896. Former Governor William McKinley, the Republican nominee, defeated former Representative William Jennings Bryan, the Democratic nominee. The 1896 campaign, which took place during an economic depression known as the Panic of 1893, was a political realignment that ended the old Third Party System and began the Fourth Party System.
Incumbent Democratic President Grover Cleveland did not seek election to a second consecutive term (which would have been his third overall), leaving the Democratic nomination open. An attorney and former congressman, Bryan galvanized support with his Cross of Gold speech, which called for reform of the monetary system and attacked business leaders as the cause of ongoing economic depression. The 1896 Democratic National Convention repudiated the Cleveland administration and nominated Bryan on the fifth presidential ballot. Bryan then won the nomination of the Populist Party, which had won several states in 1892 and shared many of Bryan's policies. In opposition to Bryan, some conservative Bourbon Democrats formed the National Democratic Party and nominated Senator John M. Palmer. McKinley prevailed by a wide margin on the first ballot at the 1896 Republican National Convention.