Maine’s system of public financing for candidates running for state office is running short of cash.

So far, there are eight announced candidates for governor. Six have said they will seek public money to fund their campaigns.

And it’s still early.

There’s plenty of time for a Green Independent Party candidate to jump in. With no clear-cut front-runner in the GOP primary, it’s possible we could see more candidates joining in.

And while Gov. Baldacci is a formidable foe, it’s possible his centrist leanings could draw a primary challenge from the left. Baldacci, confident in his ability to raise private funds for his re-election, will not utilize public financing, according to the Bangor Daily News.

The crowded field is a sign of vibrant democracy.

With so many names in the game, there isn’t enough money to go around. Jonathan Wayne, the executive director of the Commission on Governmental Ethics and Election Practices, told the Legislature in a letter that without more money, the Maine Clean Election Fund likely only has enough money for three publicly financed candidates.

Public financing of elections shouldn’t be controversial. By limiting the pressure on candidates to raise money, public financing opens the field to candidates who lack the personal resources to launch an effective campaign. It broadens the field, makes it more competitive and allows for a greater diversity of opinion on major issues facing the state to get a hearing. It also reduces, to some degree, the influence of big money and well-funded interest groups on elections.

But if the Clean Election Fund must go to the Legislature, hat in hand, during a time of tight budgets, and request money, it better make sure it has its house in order.

For lawmakers already skeptical of the Clean Election Fund, the shenanigans surrounding the campaigns of Julia St. James of Hartford and Sarah Trundy of Minot must be dealt with quickly and firmly. The bizarre case, as heard by the Commission on Governmental Ethics, illustrates the potential for abuse. The two candidates and their campaign leaders are being investigated on allegations of running sham campaigns in order to collect taxpayer-subsidized campaign money.

Commission members will meet in December and could decide then whether to pursue criminal charges or levy fines. Whatever their decision, the deliberations should not drag into the legislative session that begins in January. Showing themselves capable of dealing with irregularities in a timely manner could reassure wavering lawmakers that the system works.