Old Left Party Platforms Re: 
The Federal Reserve System 
and Banking and Currency  Reform  






During the 'teens, twenties, and 'thirties of the past century, radical political
formations in America called for the nationalization of the Federal Reserve
System and of Credit.






The Progressive  Party  Platform, 1924:




6.   We favor... the reconstruction of the Federal Reserve and Federal Farm loan
Systems, so as to eliminate control by usurers, speculators and international
financiers, and to make the credit of the nation available upon fair terms to all
and without discrimination to business men, farmers, and home-builders...








Progressive  Political  Action  Platform, 1924:




(5) Reconstruction of the Federal Reserve and Federal Farm Loan systems to
provide for direct public control of the nation's money and credit on fair terms
to all, and national and state legislation to permit and promote Co-operative
banking.






Socialist  Party  Platform,  1932 :




BANKING


1.  Socialization of our credit and currency system and the establishment of a
unified banking system, beginning with the complete government acquisition of the
Federal Reserve Banks and the extension of the services of postal savings banks
to cover all departments of the banking business and the transference of this
department of the post office to a Government-owned banking corporation.








The  Farmer-Labor Party Platform, 1932:





BANKING, CURRENCY, GOLD STANDARD AND ECONOMIC BALANCE


The fifth clause of Section 8 of Article I of the United States Constitution
provides:

"The Congress shall have power to coin money, regulate the value thereof, and of
foreign coin, and fix the standard of weights and measures."

"To coin money," means to print money for the use of the Nation, States,
counties, townships, cities, towns, villages, school districts, and for the
people, at cost of printing and service.

"To regulate the value thereof,"  means the Congress gives by an act, authority
and debt-paying power to foreign coin (money) coming into the United States, the
same as that which it authorizes to be coined or printed.

The United States Supreme Court decided:

"Congress is authorized to establish a national currency either in coin or in
paper and to make that currency lawful money for all purposes as regards the
National government or private individuals."






ORGANIZED BANKING AND CURRENCY SYSTEM:


(a) We demand legislation to abolish the Federal Reserve Banking System (Fiscal
Agent of the United States), private ownership of the United States Banking and
Currency System, by repealing the present unconstitutional banking laws on that
Subject, and then placing them in the hands of the Communities, i.e., the
Federal, State, and local governmental bodies, so that the profits, if any, shall
accrue to the People's Governments, thereby preventing panics, depressions, and
crises, and private control of money.






POSTAL SAVINGS BANKS


(b) As a step to  that goal, we demand a law to authorize Postal Savings Banks in
each post-office to accept deposits and permit checking accounts without limit in
amount, make loans at uniform interest rate of 2 per cent per annum.






CURRENCY AND FREE COINAGE OF SILVER


(c)  We demand laws providing for the issuance of sound money, full legal tender
currency, by the Federal government. And we favor the opening of the mints to the
free coinage of silver produced in the United States at its present weight and
fineness, but only as coordinate money with that sound money currency, and not as
redeemable money. All such money to be redeemable in service rendered by the
government, and said money and credit based on same to be properly regulated as
to volume in circulation.






REFINANCING OF MORTGAGES


(e) (2) For the benefit of farmers and other real estate owners, we favor the
immediate enactment of a law based on the principles of the Bill S.F. 1197, now
before Congress, the title of which is a bill to liquidate and refinance
agricultural indebtedness, and to encourage and promote agriculture, commerce,
and industry, by establishing an efficient credit system, through which unjust
and unequal burdens placed upon agriculture, during the period of price fixing
and deflation may be lightened by providing for the liquidation and refinancings
of farm mortgages... and creating a Board of Agriculture to supervise same.

(f) We demand Federal and State government guarantees to the laborers of an
opportunity to work at a living wage, or failing, which they shall be paid
unemployment insurance benefits by a Federal and State Unemployment Insurance
Plan.






LIMIT SPECULATION


(g) We favor effective legislation to prohibit gambling in securities or
commodities.






REDEMPTION OF  BONDS


(i) Liberty bonds and all other Federal government bond issues to be redeemed by
the Federal government legal tender currency within a period of five years in
equal annual proportions and further Federal bond issues to be prohibited by law.








Source:


National Party Platforms Volume 1, 1840-1956, 
Compiled by Donald Bruce Johnson
UNIVERSITY OF ILLINOIS PRESS, 
Urbana, Illinois






Farmer-Labor  Party  Platform, 1934 :


The Farmer-Labor Party of Minnesota recognizes that the United States has the
most wonderful resources, great factories, machinery of production, steam power
and millions of capable workers and farmers ready and able to produce food, 
clothing, and shelter in great abundance for us all.

At this time when all of us could live in prosperity and happiness we find that
there are millions of working men and women in poverty, want and degradation and
that there are also hundreds of thousands of farmers, business and professional
people who have become poverty-stricken and bankrupt and millions of people in
all walks of life are compelled to eat the bread of charity.

Palliative measures will continue to fail. Only a complete reorganization of our
social structure into a Co-operative Commonwealth will bring economic security
and prevent a prolonged period of acute suffering among the people.

We, therefore, declare that Capitalism has failed and immediate steps must be
taken by the people to abolish Capitalism in a careful and lawful manner, and
that a new sane and just society must be established; a system where all the
natural resources, machinery of production, transportation and communication
shall be owned by the government and operated democratically for the benefit of
all and not for the benefit of the few.

In order to bring about this Co-operative Commonwealth and also for the purpose
of adopting legislation for the immediate good of the people, the farmer-labor
party adopts as its platform the following proposals :






INDUSTRIAL PROGRAM


- To protect our citizens from exploitation through industrial profits, we demand
public ownership of all mines, water, power, transportation and communication,
banks, packing plants, factories and all public utilities. Provided that this
shall not apply to bona fide co-operatively owned and operated enterprises.






TAX EXEMPT SECURITIES


- We oppose the issuance of tax-exempt securities.






CONSUMERS CO-OPERATIVES


- The powers of government to allow consumers to freely organize on a
co-operative basis, unrestricted by discriminatory laws.






MONEY AND BANKING


- Nationalization Of Banking With Government Monopoly Of Money And Credit
operated without profit.

The large chain banks have worked a hardship on the small business man.
Government control of money and credit will assure the average business man fair
treatment. At the present time,  he is being discriminated against and is at the
mercy of greedy and selfish interests...

All money should be directly issued by the government and made full tender in
payment of all debts...  and should be put in circulation by the payment of all
government bonds due, or soon to become due, and in payment for all public works
construction there shall be no further issue of interest bearing bonds.

The issue of money is a governmental function and all money should be issued
directly by the government and made a legal tender in payment of all debts.

The issuance of interest-bearing bonds is in essence the issuance of money, since
it represents a government guarantee to pay. In effect, it means the people are
paying interest on their own money.






Source :






The Mid-West American, 
Walter W. Liggett, 
Rochester, Minnesota, 
Spring, 1934