Ich bin ein Boulanger?
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Benjamin Harrison might get reelected, which would have big implications. They'd be holding the bag when the Panic of 1893 comes around.
Harrison signed the Sherman Silver Purchase Act, so we could see more of a shift towards Silver in US monetary policy under Harrison (contrast with the goldbug Cleveland).
The McKinley Tariff probably takes a reputational hit if Harrison is reelected, as tariffs would take some blame for the 1893 panic. An earlier shift to free trade could occur, and McKinley likely isn't the 1896 nominee. I'm unsure who would be nominee though.
Without the second Cleveland Term, the Democratic Establishment isn't utterly discredited like OTL and Bryan isn't the 1896 nominee. Instead the nominee will be a Bourbon Democrat (John Palmer?) or (more likely) a compromise candidate like Richard P Bland. Pattison or Matthews are also possibilities, as are many others. William E Russell could be Cleveland's preferred pick. If Bland dies in 1899 like OTL, then there's a wild card in who his VP is.
No Democratic President elected in 1896 would be in favor of seizing Cuba, Puerto Rico, and the Philippines from Spain - big FP knock-on there.
Harrison wasn't an imperialist and was skeptical of the US acquisition of the Philippines OTL, thinking it'd have been preferable just to keep a small port there but otherwise leave the place to its own devices. Samoa and Hawaii were different in that they were small archipelagos with key strategic purposes (ports/coaling stations). The US might have taken German New Guinea and Northern Solomons, but it might not be inclined towards keeping it under a Harrison administration. The US has disputes with Britain over Samoa (which the British still claim), the Alaska border, and Venezuela which it might be able to horsetrade about. Liberia too, maybe. An American Yukon might be desired because of all of the gold and the relation of gold to US monetary policy.
A big knock-on would be that the Lodge Bill would be reintroduced in Harrison's second term. The dilemma there is that it'd be repealed if Democrats took back power in 1894 or 1896 (or 1898 or 1900...). Dixiecrats also were setting up parallel electoral systems for state and local elections, which means Democrats would still have control over Senate appointments (Senators being chosen by legislatures after all), though Republicans might have an advantage in the House of Representatives (though gerrymandering would marginalize that as well). 4 more years of patronage might save the North Carolina Fusionists and Virginia Readjusters though - both of whom were hurt by Cleveland's Administration.
Harrison gets two more appointments to the Supreme Court here, but that at best makes
Plessy a 5-3 rather than a 7-1. Brewer (who abstained) might go with the three dissenters, but that just makes it a 5-4. Even if Plessy somehow won his case, odds that'd just mean states cannot compel businesses to engage in Segregation - it would not mean that states have an obligation to make equality a reality. It'd be an improvement over OTL, but not a massive one. Lack of state imposition of business segregation might have positive social effects though - businesses don't like disrespecting their customers and having two sets of everything (railroad cars, dining arrangements, etc.) would have been expensive.
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Germany likely puts more focus into its remaining African holdings here. Is the Zanzibar-Heligoland Agreement butterflied away? The Franco-German War started in March, but the agreement was in July. The Kaiser likely cares more for East Africa than for Heligoland, unlike Bismarck. Germany thus may end up with Kenya, Jubaland, and Uganda but not get the Caprivi strip or Heligoland.
Germany might care more about Morocco too.
Does the Ethiopian War go any differently for Italy?
Germany's hunger for the Philippines might be greater TTL if the Americans don't take the place.
Alliance between Britain and Germany seems more likely here.