Today’s Wall Street Journal Political Diary (subscription only) includes the following articles in order. See if you think there is a connection between Ron Paul’s success and the GOP’s cashflow problems:

Being Ron Paul

The Libertarian Convention starts today in Denver, but the party’s real inspiration this year will be there only in spirit. Ron Paul is still out campaigning in the Republican primaries, despite a nomination that has been secured by John McCain. According to campaign finance reports filed this week, the candidate had $4.7 million in the bank at the end of April.

Mr. Paul has reiterated that he won’t run as a third party candidate and it’s a lock that he isn’t getting the GOP nomination, so his continued presence on the trail is an eccentricity, albeit one with a message. The free-market Texas Congressman is still drawing a portion of GOP voters who remain unconvinced of Mr. McCain’s conservative bona fides. He drew 16% of the vote in Pennsylvania, his highest numbers yet, and he has gotten more than a million votes nationwide. He’s even been collecting a few delegates along the way.

Ron Paul voters aren’t substantial in their numbers–he won support in the low single digits for most of the contested primary season. But they are a grass-roots force and have proven to excel at fund raising, raising $35 million for his primary campaign. His book, “The Revolution, a Manifesto,” hit No. 1 on Amazon in a matter of days and has climbed the New York Times best-seller list, evidence that he is still serving as a voice of conscience on core principles among conservative voters.

Mr. Paul has been endorsing candidates in a number of states to good effect, and the book boasts that “candidates across America are running as Ron Paul Republicans.” That is a legacy in itself.

– Collin Levy

GOP Money Woes Worsen

Five months before Election Day, Republicans up and down the ballot face a growing financial crisis. Aside from the GOP’s political disadvantages, the latest campaign-finance numbers show Democrats with a massive cash edge.

Reports detailing campaign committee fund raising through the end of April show the Democratic Congressional Campaign Committee with more than $45 million in the bank, while the National Republican Congressional Committee actually spent more than it brought in during the month, ending with $6.7 million on hand.

Both parties spent heavily on special elections in Illinois, Louisiana and Mississippi. With Democratic wins in those three states will likely come additional contributions, while the losses mean Republicans will have a harder time getting supporters to write checks.

The National Republican Senatorial Committee outraised the Democratic Senatorial Campaign Committee by a small amount, $4.3 million to $4.2 million. And by spending less, Senate Republicans actually closed the gap between the two by about $2 million. But the DSCC still has a $37.6 million to $19.4 million advantage.

The GOP’s one bright spot remains the Republican National Committee, which raised just shy of $20 million in April and built its war chest to $40 million. That’s nearly 10 times the $4.4 million the Democratic National Committee has in the bank. While the DNC has had trouble raising money this year, that likely will improve once the party settles on a nominee, who can focus some donor efforts on building the party.

Still, if House and Senate Republicans are counting on the RNC to bail them out of a tight financial spot come the fall, they may be disappointed. Sen. John McCain is expected to accept public financing and use that $84 million in conjunction with the RNC’s hefty bank account to battle likely Democratic nominee Barack Obama, who will have significantly more money at his disposal. The RNC will not have the money to aid both Mr. McCain and its down-ballot races.

– Reid Wilson, RealClearPolitics.com