In 1892 the Democratic State convention nominated him to the position on the first ballot, and he won the general election by a plurality of more than 40,000 votes. During the four years following, the free silver question became the dominant issue in politics. Although he remained an officer in a national bank during the campaigns of 1894–6, Stephens took up the cause of bimetallism, contributing both money and time to the support of the silver standard. For over two years he contributed to the Boonville "Advertiser" a series of weekly articles upon the subject, under the caption, "Silver Nuggets", which were republished in many of the Democratic papers of the State, and in pamphlet form, and distributed, under the direction of the State Democratic central committee.