Senate hearings subsequently found Cleveland's scenario to be patiently false. Cleveland's wife was a friend of Liliuokalani.  His own party wondered why he, the President of the most free and Democratic country in the world would be trying to put a Monarch back on the throne.
But, it does prove that the U.S. did not "steal" these islands, but that the Revolution of 1893 was done from within, or the U.S. would just taken the islands then.
Cleveland was such a silly goose, and an alcoholic, that even his own party did not nominate him for a second term, and Congress issued him a firm directive to have a hands off policy pertaining to Hawaii. He still sent a secret shipment of guns to help Liliuokalani in her attempt at a counter revolution, and made sure that all U.S. service men, and all ships were out of Pearl Harbor the day of the 1895 counter Revolution that failed miserably.