After the 1896 election, McKinley indicated that he would call special session of Congress to address the tariff, and Congressman Dingley began hearings on the bill in December 1896, during the lame duck period of Cleveland's presidency. While Democrats tended to oppose high tariffs, arguing that they hurt consumers by raising prices, McKinley and other leading Republicans viewed high tariffs as essential to the protection of American businesses against foreign competition. Additionally, the tariff provided nearly half of the government's revenue, and a rate increase could help put an end to the deficits that the government had experienced in the midst of the Panic of 1893. Before taking office, McKinley also authorized Senator Edward O. Wolcott of Colorado to travel to Europe to discuss the possibility of an international bimetallic agreement. International bimetallism represented a middle course between proponents of free silver and those who favored a gold standard.
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