National Affairs: Money

Of all the unknown factors in the 1928 campaign—intolerance, hypocrisy, appetite, snobbery, conservatism, magnetism, pocket-nerve—none is more incalculable than the possession, for the first time in history, of a competitive campaign fund by the Democratic Party. Up to Sept. 30 the Republican fund reported was $1,460,834. The Democratic fund as of October 15 was $2,753,192, of which $2,555,353 had been expended. Both parties expected to spend at least $4,000,000 before the fight was done.

The sources of the Democratic fund will, especially in the event of Smith's election, be closely scrutinized after Nov....

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