As president, William McKinley deftly disposed of the monetary issue. After taking office, he secured from Congress a bill raising tariffs on imports substantially, and he dispatched a mission to Europe to discuss international reforms that would provide a larger role for silver money. Meanwhile, the drive for banking reform gained momentum. After talks to reform the international monetary system failed, McKinley came down decisively for financial reforms that would guarantee the gold standard. The 1900 Gold Standard Act guaranteed the value, in gold, of all the different currencies in circulation in the U.S., and it also facilitated the organization of banks in rural districts. Meanwhile, the economy recovered strongly from the depression of the middle years of the 1890s, powered—in part—by a substantial increase in the production of gold worldwide, which expanded the supply of money.