National Affairs: Dead Horse

A horse dead for three years is a hard thing to raise money on. So found Will H. Hays when in 1923 he went out to collect for the G. O. P. deficit incurred by President Harding's election in 1920. Oilman Sinclair quietly helped Mr. Hays out to the extent of $160,000. Last month, when Senator Borah learned about Sinclair's help, Senator Borah was public-conscience-stricken. He started to raise a $160,000 "Shame Fund" to pay back Oilman Sinclair (TIME, March 26). Idealists lauded honest Senator Borah. The worldly-wise lampooned.

The original horse is now...