In this time of unprecedented economic and social distress the Democratic Party declares its conviction that the chief causes of this condition were the disastrous policies pursued by our government since the World War, of economic isolation, fostering the merger of competitive businesses into monopolies and encouraging the indefensible expansion and contraction of credit for private profit at the expense of the public.
Those who were responsible for these policies have abandoned the ideals on which the war was won and thrown away the fruits of victory, thus rejecting the greatest opportunity in history to bring peace, prosperity, and happiness to our people and to the world.
They have ruined our foreign trade; destroyed the values of our commodities and products, crippled our banking system, robbed millions of our people of their life savings, and thrown millions more out of work, produced wide-spread poverty and brought the government to a state of financial distress unprecedented in time of peace.
The only hope for improving present conditions, restoring employment, affording permanent relief to the people, and bringing the nation back to the proud position of domestic happiness and of financial, industrial, agricultural and commercial leadership in the world lies in a drastic change in economic governmental policies.
We believe that a party platform is a covenant with the people to have [sic] faithfully kept by the party when entrusted with power, and that the people are entitled to know in plain words the terms of the contract to which they are asked to subscribe. We hereby declare this to be the platform of the Democratic Party:
The Democratic Party solemnly promises by appropriate action to put into effect the principles, policies, and reforms herein advocated, and to eradicate the policies, methods, and practices herein condemned. We advocate an immediate and drastic reduction of governmental expenditures by abolishing useless commissions and offices, consolidating departments and bureaus, and eliminating extravagance to accomplish a saving of not less than twenty-five per cent in the cost of the Federal Government. And we call upon the Democratic Party in the states to make a zealous effort to achieve a proportionate result.
We favor maintenance of the national credit by a federal budget annually balanced on the basis of accurate executive estimates within revenues, raised by a system of taxation levied on the principle of ability to pay.
We advocate a sound currency to be preserved at all hazards and an international monetary conference called on the invitation of our government to consider the rehabilitation of silver and related questions.
We advocate a competitive tariff for revenue with a fact-finding tariff commission free from executive interference, reciprocal tariff agreements with other nations, and an international economic conference designed to restore international trade and facilitate exchange.
We advocate the extension of federal credit to the states to provide unemployment relief wherever the diminishing resources of the states makes it impossible for them to provide for the needy; expansion of the federal program of necessary and useful construction effected [sic] with a public interest, such as adequate flood control and waterways.
We advocate the spread of employment by a substantial reduction in the hours of labor, the encouragement of the shorter week by applying that principle in government service; we advocate advance planning of public works.
We advocate unemployment and old-age insurance under state laws.
We favor the restoration of agriculture, the nation's basic industry; better financing of farm mortgages through recognized farm bank agencies at low rates of interest on an amortization plan, giving preference to credits for the redemption of farms and homes sold under foreclosure.
Extension and development of the Farm co-operative movement and effective control of crop surpluses so that our farmers may have the full benefit of the domestic market.
The enactment of every constitutional measure that will aid the farmers to receive for their basic farm commodities prices in excess of cost.
We advocate a Navy and an Army adequate for national defense, based on a survey of all facts affecting the existing establishments, that the people in time of peace may not be burdened by an expenditure fast approaching a billion dollars annually.
We advocate strengthening and impartial enforcement of the anti-trust laws, to prevent monopoly and unfair trade practices, and revision thereof for the better protection of labor and the small producer and distributor.
The conservation, development, and use of the nation's water power in the public interest.
The removal of government from all fields of private enterprise except where necessary to develop public works and natural resources in the common interest.
We advocate protection of the investing public by requiring to be filed with the government and carried in advertisements of all offerings of foreign and domestic stocks and bonds true information as to bonuses, commissions, principal invested, and interests of the sellers.
Regulation to the full extent of federal power, of:
(a) Holding companies which sell securities in interstate commerce;
(b) Rates of utilities companies operating across State lines;
(c) Exchanges in securities and commodities. We advocate quicker methods of realizing on assets for the relief of depositors of suspended banks, and a more rigid supervision of national banks for the protection of depositors and the prevention of the use of their moneys in speculation to the detriment of local credits.
The severance of affiliated security companies from, and the divorce of the investment banking business from, commercial banks, and further restriction of federal reserve banks in permitting the use of federal reserve facilities for speculative purposes.
We advocate the full measure of justice and generosity for all war veterans who have suffered disability or disease caused by or resulting from actual service in time of war and for their dependents.
We advocate a firm foreign policy, including peace with all the world and the settlement of international disputes by arbitration; no interference in the internal affairs of other nations; and sanctity of treaties and the maintenance of good faith and of good will in financial obligations; adherence to the World Court with appending reservations; the Pact of Paris abolishing war as an instrument of national policy, to be made effective by provisions for consultation and conference in case of threatened violations of treaties.
International agreements for reduction of armaments and cooperation with nations of the Western Hemisphere to maintain the spirit of the Monroe Doctrine.
We oppose cancelation of the debts owing to the United States by foreign nations.
Independence for the Philippines; ultimate statehood for Puerto Rico.
The employment of American citizens in the operation of the Panama Canal.
Simplification of legal procedure and reorganization of the judicial system to make the attainment of justice speedy, certain, and at less cost.
Continuous publicity of political contributions and expenditures; strengthening of the Corrupt Practices Act and severe penalties for misappropriation of campaign funds.
We advocate the repeal of the Eighteenth Amendment. To effect such repeal we demand that the Congress immediately propose a Constitutional Amendment to truly represent [sic] the conventions in the states called to act solely on that proposal; we urge the enactment of such measures by the several states as will actually promote temperance, effectively prevent the return of the saloon, and bring the liquor traffic into the open under complete supervision and control by the states.
We demand that the Federal Government effectively exercise its power to enable the states to protect themselves against importation of intoxicating liquors in violation of their laws.
Pending repeal, we favor immediate modification of the Volstead Act; to legalize the manufacture and sale of beer and other beverages of such alcoholic content as is permissible under the Constitution and to provide therefrom a proper and needed revenue.
We condemn the improper and excessive use of money in political activities.
We condemn paid lobbies of special interests to influence members of Congress and other public servants by personal contact.
We condemn action and utterances of high public officials designed to influence stock exchange prices.
We condemn the open and cover resistance of administrative officials to every effort made by Congressional Committees to curtail the extravagant expenditures of the Government and to revoke improvident subsidies granted to favorite interests.
We condemn the extravagance of the Farm Board, its disastrous action which made the Government a speculator in farm products, and the unsound policy of restricting agricultural products to the demands of domestic markets.
We condemn the usurpation of power by the State Department in assuming to pass upon foreign securities offered by international bankers as a result of which billions of dollars in questionable bonds have been sold to the public upon the implied approval of the Federal Government.
And in conclusion, to accomplish these purposes and to recover economic liberty, we pledge the nominees of this convention the best efforts of a great Party whose founder announced the doctrine which guides us now in the hour of our country's need: equal rights to all; special privilege to none.