Cleveland’s second term was dominated by the Panic of 1893 and a severe economic depression. He responded by defending the gold standard, supporting the repeal of the Sherman Silver Purchase Act, using federal authority to stabilize the economy, and vetoing what he saw as excessive pension and spending measures.
On foreign policy he invoked the Monroe Doctrine in the Venezuela boundary dispute with Britain and resisted the annexation of Hawaii. Remembered as a reform-minded, fiscally conservative leader, Cleveland’s choices during crisis shaped late-19th-century debates over federal power, currency, and the role of government.