 The affairs of the treasury were in poor condition, and the credit of the State was imperiled.The appointment of Stephens met with general approval, and the state's finances were within two years re-established upon a sound basis

In 1892 the Democratic State convention nominated him to the position on the first ballot, and he won the general election by a plurality of more than 40,000 votes.During the four years following, the free silver question became the dominant issue in politics.