Lincoln D. Chafee, the farrier-turned-senator and Republican-turned-independent who is preparing to run for governor in 2010, is trailing in the fundraising stakes.

While reports for the quarter ending Sept. 30 haven’t been filed yet, the Journal’s Katherine Gregg reported Chafee had about $180,000 in his campaign account while Democratic General Treasurer Frank T. Caprio had about $1.5 million and Democratic Attorney General Patrick C. Lynch had about $580,000.

Chafee’s camp reported raising about $112,000 in the most recent quarter after raising $110,000 the prior quarter. By contrast, Caprio’s camp reported raising at least $200,000 for three consecutive quarters.

“I’d like to be doing better on the fundraising,” Chafee said in an interview at Blue State Coffee on Tuesday. “But I’m very, very confident that at the end of the day, I will be running a competitive race. And I always have.”

Chafee’s exploratory campaign manager, James V. DeRentis, said, “With the exception of one candidate [Caprio], fundraising is not stellar. And not taking anything away from him, but he’s been in office for a while.” Also, this was Chafee’s second quarter raising money while Caprio and Lynch have been at it far longer, he said.

Chafee noted Caprio is treasurer, saying, “You have those state assets that you are dealing with, and people are interested in getting a piece of the action.” He said it “raised questions” when Caprio returned $54,000 in contributions amid a Journal inquiry about donations from employees at law firms awarded state business under Caprio’s watch.

Chafee said he met his early fundraising goals after a successful kickoff event in May. But, he said, “The summer months hit — July and August — so we tried to do a whole quarter pretty much in September.”

At this pace, how is he going to chase down Caprio? “Well, money is not everything,” Chafee said. “If every penny you raised was worth a vote, that would be different. But time and time, it’s been proven that the biggest spender is not necessarily the biggest vote-getter.”

True, money isn’t everything. But it seems to help. And while others had a head start, Chafee, a former U.S. senator and Warwick mayor, is hardly unknown.

Chafee said, “We’ve got to do better than the last quarter.” He said he’s working harder at raising money in this campaign than he has in any of his other 11 campaigns. Why is he having to work harder? For one thing, he’s out of office, and, “The economy obviously is the worst we’ve ever been in,” he said.

Citing the amounts spent in the 2006 governor’s race, Chafee said he will need about $2 million to compete. So can he pick up the pace and reach $2 million in the next year? “You have to,” he said.

Will Chafee participate in the public financing in the governor’s race? It’s a possibility, he said. “I’ll have to cross that bridge in June.”

In 2006, then-Lt. Gov. Charles J. Fogarty spent $2.06 million on his unsuccessful campaign for governor while receiving $981,000 in public money. But Chafee (who with his wife put $1.5 million into his last Senate race) is no Charlie Fogarty. “I’m aware of all the different dynamics of taking [public financing] versus not taking it,” Chafee said. “But in one way, I want to run as any other candidate might run — raise the money, adhere to the cap and be no different from the other candidates.”

Chafee predicted his fundraising will pick up as people focus on the race. With the donkeys already dashing and the elephants yet to appear on the track, political railbirds will be watching to see where the wagers are placed.

efitzpat@projo.com