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One of the most politically vulnerable members of the U.S. Senate, Carol Moseley-Braun, will seek re-election next year. Republicans probably have no better chance to win a Senate seat. Yet they’re having a devil of a time finding candidates to run.

That’s not because Republicans don’t want the job. Many do. But the law that sets strict limits on federal campaign fundraising is scaring them away.

The law says a candidate for Congress cannot accept more than $1,000 from an individual or $5,000 from a political action committee. It forces any candidate who isn’t independently wealthy to devote nearly all his time and energy to begging for cash just to be competitive. The law, in effect, dictates who can run.

The Republicans do have one candidate in the Senate race, state Sen. Peter Fitzgerald. He is bright, but Fitzgerald’s greatest political asset is that he is very wealthy. He need not worry about fundraising rules because he can spend his own money.

Federal law and Fitzgerald’s cash have teamed up to limit the Republican field of candidates. In other states, the law has limited opportunities for both Republicans and Democrats in much the same way.

In Washington and Springfield there is talk of campaign finance reform, and all the talk revolves around how to make it even harder to raise and spend money on campaigns. But all the self-styled reformers should take a deep breath and consider the consequences.

There is nothing inherently evil in making a campaign contribution. Political campaigns–like businesses, schools and churches–run on money. But the reformers want to squeeze the money out of politics by placing more rules on raising and spending it.

The Senate opened debate Friday on a bill to ban “soft money,” the uncapped contributions made to political parties. Illinois House Speaker Michael Madigan has proposed caps on state campaign contributions. Both proposals target money rather than wrongdoers, and both are deeply misguided. If they are successful, they will help to close politics to all but those who can pay their own way.

Illinois has blessedly few rules dictating how people may participate in politics–and it ought to stay that way. It’s time for Washington to move in the same direction: Take off the campaign contribution limits.

Ah, the reformers say, but look at the summer’s political scandals. A U.S Senate committee has detailed the Democrats’ lust for money. A big contributor to Gov. Jim Edgar was convicted of bribing his way to a lucrative state contract.

That’s right, and in each case the system worked. In Springfield, a jury returned convictions. In Washington, the public is being given an opportunity to learn about the actions of its leaders and to judge them accordingly.

It is one thing when money corrupts politics and politicians. There are laws to punish such behavior. It is another, far more disturbing thing, when the law itself skews the election system, determining who can afford to compete.