HERE'S YET ANOTHER ATTEMPT TO SQUELCH THE FREE SPEECH OF POLITICAL CAMPAIGN CONTRIBUTORS

There is a relatively new animal making news in political circles this year called "the 527s." Those reformers who are constantly trying to shut down speech in our political campaigns -- and who want to ban and restrict certain kinds of speech of which they don't approve -- are training their sights on these groups.

The name refers to a section of the Internal Revenue Code that has existed since 1974 allowing not-for-profit political groups to enjoy certain tax advantages without publicly disclosing anything about themselves, including the identities of their donors. Other not-for-profits face restrictions on their political activities, while these organizations don't.

These groups fall outside the purview of the Federal Election Commission by declaring that they engage in issues, not politics. In order to operate legally, they can't coordinate their activities with any candidates who benefit from their ads. All involved deny that there is any communication between the candidates and messages the 527s communicate. Now the FEC is considering a proposed rule to require these new 527 groups to disclose contributors.

What is at work here is the latest manifestation of post-Watergate reform of our campaign-finance laws. Just as political action committees are a creature of the Watergate-era ban on corporate and union contributions, so with these 527s. The difference is that it has taken longer for campaign finance-savvy lawyers to see the possibilities with these groups -- and to get them up and running in the fashion so offensive to the reformers.

This newspaper has long advocated full disclosure as the answer to campaign-finance abuses, real or perceived. Accordingly, if disclosure is the proposal of the day, we would support it. But what should really be done is to lift the ceiling on all contributions to candidates and publish the donations more or less immediately on the Internet -- say, every 48 hours or so.

What we're seeing with the rise of PACs and now with 527s is that -- like water at flood stage seeping under, around or over the top of a levee -- money will find its way into political campaigns one way or another. Far better to enhance disclosure than to attempt yet again, against all historical experience, to silence the speech that is the lifeblood of our democracy.