Whereas, This state of things has been brought about by legislation in the interest of, and dictated by, money-lenders, bankers and bondholders; and
Whereas, While we recognize the fact that the men in Congress connected with the old political parties have stood up manfully for the rights of the people, and met the threats of the money power, and the ridicule of an ignorant and subsidized press, yet neither the Republican nor the Democratic parties, in their policies, propose remedies for the existing evils; and
Whereas, The Independent Greenback party, and other associations more or less effective, have been unable, hitherto, to make a formidable opposition to old party organizations; and
Whereas, The limiting of the legal-tender quality of the greenbacks, the changing of currency bonds into coin bonds, the demonetization of the silver dollar, the exempting of bonds from taxation, the contraction of the circulating medium, the proposed forced resumption of specie payments, and the prodigal waste of the public lands, were crimes against the people; and, as far as possible, the results of these criminal acts must be counteracted by judicious legislation:
Therefore, We assemble in national convention and make a declaration of our principles, and invite all patriotic citizens to unite in an effort to secure financial reform and industrial emancipation. The organization shall be known as the “National Party,” and under this name we will perfect, without delay, national, state, and local associations, to secure the election to office of such men only as will pledge themselves to do all in their power to establish these principles:
First. It is the exclusive function of the general government to coin and create money and regulate its value. All bank issues designed to circulate as money should be suppressed. The circulating medium, whether of metal or paper, shall be issued by the government, and made a full legal-tender for all debts, duties, and taxes in the United States, at its stamped value.
Second. There shall be no privileged class of creditors. Official salaries, pensions, bonds, and all other debts and obligations, public and private, shall be discharged in the legal-tender money of the United States strictly according to the stipulations of the laws under which they were contracted.
Third. The coinage of silver shall be placed on the same footing as that of gold.
Fourth. Congress shall provide said money adequate to the full employment of labor, the equitable distribution of its products, and the requirement of business, fixing a minimum amount per capita of the population as near as may be, and otherwise regulating its value by wise and equitable provisions of law, so that the rate of interest will secure to labor its just reward.
Fifth. It is inconsistent with the genius of popular government that any species of private property should be exempt from bearing its proper share of the public burdens. Government bonds and money should be taxed precisely as other property, and a graduated income tax should be levied for the support of the government and the payment of its debts.