admitting the advertisement to its pages and expressed its total disagreement with the views expressed in the article. I would have gone further than this; I would have stated that The Outlook did not violate the ethics of journalism, but rendered a great and needed service as an example in showing its willingness to accept the statement of a case with which it did not agree, to put it in exactly as it was written, and then itself to comment with absolute freedom, as it has done, upon the arguments made in the advertisement. Let me repeat that if The Outlook had had space, which it unfortunately did not have, I should have been glad to see Spencer’s article inserted, not as an advertisement, but as a communication signed by Spencer, and avowedly stating his side of the case. Sincerely yours THEODORE ROOSEVELT I felt that I had won my case with Mr. Roosevelt’s assurance that henceforth every article of the kind would appear under the head of “Advertising Department.” When the Payne-Aldrich bill was finally passed with Mr. Taft’s and Mr. Aldrich’s brutally frank explanations, I was done with the tariff as a subject for further study and writing. Four years later came the Democratic effort to make a revision. I had only the most casual interest. It was the same old method. They might make a better bill, I told myself, but there never could be a fair one as long as tariffs were set by a Congress under the thumb of people personally interested. One thing seemed to me clear which is still clearer now, the combined prohibitive tariff industries were digging their own grave. Foreign markets they had to have; but they refused to buy from those to whom they wanted to sell. What the gentlemen did not realize was that by this procedure they were practically forcing nations not naturally industrial to copy their methods, industrialize themselves. These nations soon were succeeding with such skill that in spite of the boosting of the tariff again and again the foreigners continued to undersell us. But the prohibitive protectionists were building a future competitor threatening to be stronger than foreign trade. This in the realm of politics. There had been no more hearty and conscienceless supporters of prohibitive tariffs than certain groups of organized labor, conspicuously the Amalgamated Steel and Iron Workers under John Jarrett. They were not a numerous body, but with the cry of the full dinner pail they were able to back the demands of the employers. They had a body of votes that no political party dared defy. But in teaching organized labor the power of political pressure the industrialists gave them a weapon that they did not see might one day be turned against themselves.