The Reform Party electrified the electorate back in 1992 when despite, or perhaps partly because of, candidate Ross Perot’s quirky behavior, it captured nearly 20 percent of the presidential vote. The fundamental message of ending government by special interest resonated with the public.

The echoes were less strong in 1996. Mr. Perot ran a half-hearted campaign and won just 8 percent of the vote. Just when the Reform Party was looking like a refreshing idea gone sour, the gubernatorial victory by Jesse Ventura last year in Minnesota provided an uptick. A respectable slate of 14 declared congressional and state-office candidates for 2000 in eight states so far suggests some real party-building is going on. But the top of the ticket, the presidential part of the equation, is in real trouble and should have true reformers truly worried.

The defection of Pat Buchanan from the GOP to the Reform Party threatens to turn this new party from a political force into a punch line. Washington insiders always look silly playing the role of outsider. In Mr. Buchanan’s case, it becomes absurd when combined with his tiresome rhetoric about saving the Republic from a “godless New World Order,” the fear-mongering, the saber-rattling and the history rewriting. The Republican Party has not abandoned its core beliefs nearly to the extent that it has grown weary of Mr. Buchanan’s whining.

The potential candidacy of Donald Trump isn’t as disturbing as it is amusing. With all the deals artfully done, the multi-millionaire developer may run as a lark, a diversion. Even the possibility that Gov. Ventura, who at least has actually been elected to office, has lost its luster. With every bungled public appearance and every pointlessly offensive remark, it becomes ever clearer that telling it like it is only works if one has something worth telling.

The Reform Party does have one thing going for it — a war chest of nearly 13 million taxpayer dollars, thanks to Mr. Perot’s surpassing of the 5 percent benchmark for federal campaign funds. That’s a fraction of what it takes to run a credible presidential campaign, but it’s more than enough to enter the race.

But the question for the rank-and-file of the Reform Party, for those who truly believe that a third party is needed to restore trust in government, is whether such a party can be built by malcontents, publicity seekers or blusterers. The answer, of course, is that it cannot.

The Reform Party won’t nominate its presidential candidate until next summer. That’s plenty of time to find someone with the values, record and discretion that are needed to withstand intense scrutiny and to trust that the name recognition will follow. Otherwise, the party’s Campaign 2000 will be noisy and expensive, and Election Day a humiliation.