Thought it was just another piece of crap like 40 previous items but when I googled Parker Davis I realized they ran for President in 1904. They lost to some unkown, Roosevelt.
Looks like a baggage tag or maybe a campaign trinket based on one. Interesting that it has 1904 and Washington on it. The 1904 would normally be the claim number for the bag. Could be quite collectible. Nice find!
Thanks Wildcat1750 for posting the reference--looks like PBK's post bears out what I was thinking
"It's actually a political watch fob issued for the 1904 presidential campaign of Democrat candidate Alton B. Parker and his vice-presidential running mate, Henry G. Davis. The design is intended to resemble a railroad baggage tag, with Washington, D.C. as the candidates' destination."