The election of 1896 was indeed a significant turning point in American politics, primarily because it led to the decline of the Populist Party and the establishment of Republican dominance in the political landscape.
One of the key aspects of this election was the rise of William McKinley, the Republican candidate, who campaigned on a platform that favored industrial growth and the gold standard. His victory marked a shift away from the agrarian-focused policies that had previously drawn support from rural voters, many of whom had turned to the Populist Party seeking relief from economic hardship.
The Populist Party, which aimed to represent the interests of farmers and laborers, saw its influence wane after the 1896 election. McKinley's success solidified the Republican Party's hold on the presidency and Congress for the next several decades, establishing a pattern of Republican dominance in national politics.
Thus, the correct response in this context would be: "It led to the decline of the Populist Party and the rise of Republican dominance."