He also signed the Interstate Commerce Act, the first law attempting Federal regulation of the railroads. In December 1887 he called on Congress to reduce high protective tariffs. Told that he had given Republicans an effective issue for the campaign of 1888, he retorted, "What is the use of being elected or re-elected unless you stand for something?" But Cleveland was defeated in 1888; although he won a larger popular majority than the Republican candidate Benjamin Harrison, he received fewer electoral votes. Elected again in 1892, Cleveland faced an acute depression. He dealt directly with the Treasury crisis rather than with business failures, farm mortgage foreclosures, and unemployment. He obtained repeal of the mildly inflationary Sherman Silver Purchase Act and, with the aid of Wall Street, maintained the Treasury's gold reserve. When railroad strikers in Chicago violated an injunction, Cleveland sent Federal troops to enforce it. "If it takes the entire army and navy of the United States to deliver a post card in Chicago," he thundered, "that card will be delivered."

Cleveland's blunt treatment of the railroad strikers stirred the pride of many Americans. So did the vigorous way in which he forced Great Britain to accept arbitration of a disputed boundary in Venezuela. But his policies during the depression were generally unpopular. His party deserted him and nominated William Jennings Bryan in 1896. After leaving the White House, Cleveland lived in retirement in Princeton, New Jersey. He died in 1908. .