So Harrison '92? Which means no McKinley or TR. A whole armada of butterflies just got unleashed there.
Nope. Cleveland got blamed for the Panic of 1893.
I've been researching this area lately for a potential TL. EdT's
Fight and Be Right has this as well.
Is Cleveland is reelected in 1888, there's no McKinley Tariff, meaning the economy is better for a little longer since farmers have good prices for longer. The Panic of 1893 hits later, but the bubble that boosts is bigger. The new Republican President elected in 1892 gets the blame for this. The Democrats win in 1896. 1900 depends just how big the bubble was when it bursts.
The most significant thing is that without Cleveland in the WH during the depression, the Bourbon Democrats probably still control the Party. Meaning that the Populist Party has a chance of becoming the Second Party ITTL (with the Democrats confined to compete with the Populists in the South). That would be
very interesting. I could see the Populists riding to victory in 1900 since the Bourbons were content to ride out the depression IOTL.