Weaver believed that the Populists' embrace of free silver would be the main issue to attract new members to the party. After the election, he attended a meeting of the American Bimetallic League, a pro-silver group, and gave speeches advocating an inflationist monetary policy. In the meantime, the Panic of 1893 caused bank failures, factory closures, and general economic upheaval. As the federal gold reserves dwindled, President Cleveland convinced Congress to repeal the Sherman Silver Purchase Act, which ensured the government would purchase less silver for coining and which further disconcerted free silver supporters. While depletion of gold reserves slowed after the repeal, the country's economy still floundered.