The gold standard, which the United States had effectively been on since 1873, limited the money supply but eased trade with other nations, such as the United Kingdom, whose currency was also based on gold. Many Americans, however, believed that bimetallism (making both gold and silver legal tender) was necessary for the nation's economic health. The financial Panic of 1893 intensified the debates, and when Democratic President Grover Cleveland continued to support the gold standard against the will of much of his party, activists became determined to take over the Democratic Party organization and nominate a silver-supporting candidate in 1896.