The People’s party, assembled in national convention, reaffirms its allegiance to the principles declared by the founders of the Republic, and also to the fundamental principles of just government as enunciated in the platform of the party in 1892.
We recognize that through the connivance of the present and preceding administrations the country has reached a crisis in its national life as predicted in our declaration four years ago, and that prompt and patriotic action is the supreme duty of the hour. We realize that while we have political independence our financial and industrial independence is yet to be attained by restoring to our country the constitutional control and exercise of the functions necessary to a people’s government, which functions have been basely surrendered by our public servants to corporate monopolies. The influence of European money-changers has been more potent in shaping legislation than the voice of the American people. Executive power and patronage have been used to corrupt our Legislatures and defeat the will of the people, and plutocracy has been enthroned upon the ruins of democracy. To restore the Government intended by the fathers and for the welfare and prosperity of this and future generations, we demand the establishment of an economic and financial system which shall make us masters of our own affairs, and independent of European control, by the adoption of the following declaration of principles:
1. We demand a national money, safe and sound, issued by the General Government only, without the intervention of banks of issue, to be a full legal tender for all debts, public and private; a just, equitable, and efficient means of distribution direct to the people and through the lawful disbursements of the Government.
2. We demand the free and unrestricted coinage of silver and gold at the present legal ratio of sixteen to one, without waiting for the consent of foreign nations.
3. We demand that the volume of circulating medium be speedily increased to an amount sufficient to meet the demands of business and population and to restore the just level of prices of labor and production.
4. We denounce the sale of bonds and the increase of the interest-bearing debt made by the present administration as unnecessary and without authority of law, and demand that no more bonds be issued except by specific act of Congress.
5. We demand such legislation as will prevent the demonetization of the lawful money of the United States by private contract.
6. We demand that the Government, in payment of its obligations, shall use its option as to the kind of lawful money in which they are to be paid, and we denounce the present and preceding administrations for surrendering this option to the holders of Government obligations.
7. We demand a graduated income tax, to the end that aggregated wealth shall bear its just proportion of taxation; and we regard the recent decision of the Supreme Court relative to the income tax law as a misinterpretation of the Constitution, and an invasion of the rightful powers of Congress over the subject of taxation.
8. We demand that postal savings banks be established by the Government for the safe deposit of the savings of the people and to facilitate exchange.