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. Presidential election results map. His campaign focused on silver, an issue that failed to appeal to the urban voter, and he was defeated in what is generally seen as a realigning election. The coalition of wealthy, middle-class and urban voters that defeated Bryan kept the Republicans in power for most of the time until 1932.