After high hopes that America may get its first female president, a strapped-for-cash Elizabeth Dole dropped out of the running Wednesday morning for the Republican presidential nomination.

The former head of the American Red Cross said it wasn’t a lack of spirit that inspired her to leave the race; it was a lack of money.

Dole said she realized the truth during a five-hour plane ride earlier in the week, a truth that already has claimed three other Republican contenders: That Texas Gov. George W. Bush and billionaire Steve Forbes have way, way too much cash for anyone to compete with them.

According to CNN, both Bush and Forbes hold a 75 to 1 cash advantage over the financially beleaguered Dole.

“Two people have spent $19 million already, and TV ads are going up next. You know, I’m used to facing the odds, but 75 or 80-to-1, that’s pretty tough,” said Dole during her Washington press conference.

It’s not a shocker that Dole decided to cut her losses and get out of the well-moneyed race.

Former Vice President Dan Quayle, Lamar Alexander and John Kasich already have withdrawn their bids, and “Pitchfork Pat” Buchanan is expected to bolt to the Reform Party early next week.

All of the candidates cited the reason for leaving the race as Bush and Forbes’ deep pockets. And this is a shame.

Despite her trademark chipper grin, Dole looked pretty stricken during her press conference, which is understandable.

“I’ve learned that the current political calendar and election laws favor those who get an early start and can tap into huge private fortunes or who have a pre-existing network of political support.

Bush’s fund-raising records, which some reports have at almost $60 million with more than a year of campaigning time left, are impressive, but they’re setting a dangerous precedent for modern elections.

It doesn’t give voters much of a choice if the only candidates left are the ones with the most cash.

Dole did have a platform to promote. She was a big proponent of reforming public education, as well as keeping guns out of America’s schools, which, in this post-Columbine era, is an important issue to be discussing.

It’s too bad that a lack of resources kept Dole from her chance to delve into this matters in more detail.

But the point is this: It’s bad enough when politicians “buy” their votes by bribery, but it’s also unnerving when their bankrolls scare off the other candidates — and leave voters with limited choices even before the first primary.

Iowa State Daily Editorial Board: Sara Ziegler, Greg Jerrett, Kate Kompas and Carrie Tett.