The Washington Post reports today about the emergence of the Democratic Alliance, a group vetting organizations for wealthy, liberal contributors. The group has an interesting rule:

The alliance has required organizations that receive its endorsement to sign agreements shielding the identity of donors…The group requires nondisclosure agreements because many donors prefer anonymity…Some donors expressed concern about being attacked on the Web or elsewhere for their political stance; others did not want to be targeted by fundraisers.

Of course, the United States has a long tradition of anonymous speech and political activity, including The Federalist Papers. The donors to the Democratic Alliance continue in that tradition. Their desire for anonymity proves that mandatory disclosure of money in politics imposes costs on participation.

Those same costs affect donors to political campaigns who do not have a right to anonymous speech. In fact, a donor who gives to a challenger threatening an incumbent member of Congress faces a greater risk than that confronted by the donors to the Democracy Alliance.

Given their experience with the downside of disclosure, perhaps the donors to the Democratic Alliance (or the organizations they fund) will lead the way toward liberalizing or eliminating mandatory disclosure of campaign contributions.