By 1892, the treasury surplus had evaporated and the nation's economic health was worsening – precursors to the eventual Panic of 1893. Although Harrison had cooperated with Congressional Republicans on legislation, several party leaders withdrew their support due to discontent over Harrison's appointments. Matthew Quay, Thomas Platt, and Thomas Reed quietly organized the Grievance Committee, the ambition of which was to initiate a dump-Harrison offensive. Many of Harrison's detractors persisted in pushing for an incapacitated Blaine, though he announced that he was not a candidate in February 1892. Some party leaders still hoped to draft Blaine into running, and speculation increased when he resigned at the 11th hour as Secretary of State in June. At the convention in Minneapolis, Harrison prevailed on the first ballot, but encountered significant opposition, with Blaine and William McKinley both receiving votes on the lone ballot. At the convention, Vice President Morton was dropped from the ticket, and was replaced by Ambassador Whitelaw Reid.
