Professor Taussig makes some very interesting observations in the current number of Foreign Affairs on the subject of increased tariff schedules. In the same magazine the Harvard economist is vigorously supported in his contention that the new high rates will react unfavorably to the United States. This support comes from the author of "America Comes of Age," the celebrated French economist, Andre Siegfried, who points out meaningly that Europe has become strong enough to retaliate against unduly high tariff measures. The analysis of Professor Taussig together with the intimations from France suggest that the present Congress has been busy sowing seeds which another generation will reap.

Aside from the fact that many rates "signify nothing" because they apply to products exported and not imported, and are on the books only to throw dust in the farmers' eyes, the chief center of attack on the new tariff is in the international complications arising from it. With Europe in debt to the United States to the extent of many billion dollars it would not seem to require Economics A in order to realize the need of an American market for European goods. Whatever other intelligent way is there to move such huge sums across the Atlantic? Certainly to continue to drain Europe of gold is a policy that more resembles the activity of a Cortez than of a government which boasts of its sound good business policy.

Equally hard hit by the high tariff is the new export trade which America has built up since the war. One can only wonder what new adaptation of the old Mercantile Theory is taken to justify a policy of excluding the goods of a large customer who can in no other way pay for what he buys.

Such questions suggest that this present tariff policy, however successful it may have been in the past, is at present a short sighted one. There remains the shadow of hatred from nations whom economic pressure drives to envy and despair. This is the real warning from Professor Taussig? It is the real danger in the tariff, and it awaits a generation which did not write the bill.