The rumour that the Continental Powers intend to bind themselves
by an agreement to boycott American goods after 1903, when the commercial treaties expire, has this week become more precise. It is even alleged that a coming visit of Count von Billow to St. Petersburg has this project for its object. The idea is that the great American Trusts, being secure of profit from the system of protection, intend to undersell all Continental manufactures, and then when they are rained to dominate Continental trade. They must, there- fore, be driven from competition by special duties or eveu absolute prohibitions after the fashion of the Milan decree. We do not believe the stories, except as suggestions by angry Viennese tradesmen, who expect to be undersold. Statesmen are too well aware that unless Great Britain were included in the tariff war American goods would be simply purchased by Englishmen and cent on at a nominal increase of price. Besides, trade is not one-sided, and the stoppage of all American purchases would be more felt on the Continent than the stoppage of 'American sales to Europe would be felt in America. The rumour, however, indicates the importance which trade is assuming in international polities, and the extreme bitterness produced by commercial rivalry. Differences as to tariffs have taken the place of differences as to religion.
