In a Conservative Club sponsored speech last night, former senator Eugcae J. McCarthy assailed the Reagan Administration's record in office, but said that he saw little hope in the field of Democratic candidates either.

The Democrats are all trying so hard to have distinct platforms that their campaigns have degenerated into "a kind of auction--the candidates raise an issue and say how they will bid to get votes," McCarthy said.

In an interview after the Emerson Hall talk, McCarthy said that he supports the bid of Sen. Ernest F. Hollings (D-S.C.) for the Democratic nomination, although he gives Hollings little chance of winning.

"He's the only person who's running as himself. All of the others are sort of running as reincarnations--Mondale's trying to be the next Hubert Humphrey, Glenn's trying to be the next Eisenhower," commented McCarthy, who added that he has not ruled out the possibility of running himself.

McCarthy, before a receptive audience of about 60, said he endorsed Reagan's 1980 campaign, but that he now believes Reagan has failed to control the growth of the Federal bureaucracy or to offer a concerts foreign policy.

The 67-years-old McCarthy ran in 1966 as an independent, anti-war President candidate..

Last night he criticized the Administration's involvement in Grenada, El Salvador and Nicaragua.

"If you don't know what do in a country, don't send in gem," he said, adding. "If we're really worried about communism in Grenada, we ought to do something in Cuba."

Criticizing both Reagan and the current Democratic field, McCarthy said they all "favor continuing the arms buildup past the point of rational preparedness. Now we're at the point where we can destroy Russia 40 times and Russia can destroy us 30-times--or maybe 31 and-a-half times," he added.

Later this week McCarthy will attend a symposium on the Kennedy administration at the John F. Kennedy Library in Boston, according to Terry C. Quiet, a Government graduate student and advisor to the Conservative Club.