I think the McKinley tariffs would be blamed , but the Gold Democrat would not, ITTL, and this might shift the whole economic debate to protectionism/free trade. In such case, the GOP would be split. Anyway, I think the Democrats would win since with the panic of 1892, whoever wins in 1892 would likely lose the next. I mean, I can see the GOP as a whole being as popular as Taft in 1912 IOTL and split between pro-tariff conservative and anti-tariff progressive.
If Gold Democrats win 1896, the subsequent economic recovery would end the Gold vs Silver debate within the Democrats for good.