Hay was an early supporter of Ohio's William McKinley and worked closely with McKinley's political manager, Cleveland industrialist Mark Hanna. In 1889, Hay supported McKinley in his unsuccessful effort to become Speaker of the House. Four years later, McKinley—by then Governor of Ohio—faced a crisis when a friend whose notes he had imprudently co-signed went bankrupt during the Panic of 1893. The debts were beyond the governor's means to pay, and the possibility of insolvency threatened McKinley's promising political career. Hay was among those Hanna called upon to contribute, buying up $3,000 of the debt of over $100,000. Although others paid more, "Hay's checks were two of the first, and his touch was more personal, a kindness McKinley never forgot". The governor wrote, "How can I ever repay you & other dear friends?"