Osama bin Laden's offer of a truce has sunk from sight without leaving a ripple, but it should have made waves. When the audiotaped proposal was made 10 days ago, the White House dismissed it out of hand. That was a politically logical move, given the need to appear tough on terror at all times. An image of strength and determination may be particularly important in the months ahead because Republican Party leaders have put security issues at the heart of their 2006 congressional election campaign strategy. But there are reasons why bin Laden's overture should be carefully weighed and...