horses and the wherewithal to feed them. The game has a real value, too, in leading to a careful system of horse breeding; the polo pony is a worthy evolution from different types of steeds, and one THE "METEOR "9 IN DRY DOCK. which repays the great study which has been given to bring out his active, cat-like, courageous qualities. The enthusiasm on the part of the landlubber populace, as well as of yacht owners, in the sailing events of the past two years bids fair to be sur passed in the season of 1896. The fleets of sloops and schooners that rendezvous at the scores of club houses from Maine to Florida are ever on the increase. And in the more majestic types of yachts the international racing events excite as much popular interest as a change of ministry. The newest appearance in this higher yachting life is, of course the Emperor William's yacht Meteor, which was designed by Mr. Watson, also responsible for the various Valkyries. Americans have a special interest in the Meteor on account of the possibility that she will race here next year in com petition for the America's cup. If so, there is a good chance that our yacht-building hero. Herreshoff, will be put on his mettle, for the Prince of Wales' magnificent sloop Britannia has already been beaten handily by the Meteor, in the two brushes which they have had. But the larger part of the yachts constantly being turned out by the famous builders are not by any means for racing only, though the almost daily reports throughout the summer of the numberless regattas and trials of speed might lead one to think so. It is becoming more and more the fashion with people who can get away from the city in the summer time, and who have a taste for the water, to live on board their yacht instead of taking a summer house. Even those who have already beautiful summer homes sometimes now prefer to make their yacht the abiding place during the months of June, July, August and September. As a domicile, a yacht possesses the one great advantage of being movable, so that she can be anchored in New York Bay within half an hour of the office, and the business man can join his wife and children much more easily than at a Long Island or Hudson River resort. The international event among the oarsmen for the season is, of course, Yale's try at Henley. Her eight for 1896 is even now in training in England under the stern but loving care of the veteran Bob Cook, and the English papers are sending their sporting experts to have a glimpse at the American crew to size them up in advance of the coming struggle on July 8. The men have stood the journey and the sojourn in England with unusual success, for the British climate is always a trying ordeal during the first few weeks for the highstrung physical system of the transatlantic athlete. The Englishmen are general in the opinion that the Yale crew rows in typical American style, without the long sweeping stroke which the Oxford and Cambridge boats rely on. It is Mr. Robert J. Cook's particular claim to training fame that he brought this English stroke over to Yale, so it is a matter of surprise that this criticism should be made. How Undoubtedly the whole idea of international athletics received powerful encouragement in the great success of the Olympic games at Athens last April. This success was not so much in the large number of contestants, or in their distinctly representative championship character, but rather in the fine spirit of hospitality shown by the Greeks and the enthusiasm of the athletes and the huge crowds of spectators. The public character of these games was manifested in the efforts of the Crown Prince, who was in charge, and the active participation of the royal family of Greece, who, with indeed all the Greek officials, did everything possible to throw a spirit of hospitality over the occasion. This is by no means the last of the modern Olympic games; they are to recur every two years, that is, in 1898, 1900, and so on, and are to be known as the International Panatheatic Games. In spite of all these and other new or very rapidly growing games and outdoor exercises, the older sports can scarcely be said to be on the wane; certainly not baseball, which is drawing greater crowds both to college and professional exhibitions than ever before. Tennis has not the same relative importance that it had five years ago, simply because it is overshadowed by these more popular pastimes; but it is probable that as many people play tennis to-day in the United States and England as ever before. The game of hockey, which comes in the winter months that give little chance for exercise, is a fine, exhilarating sport, which hundreds of active fellows are booming wherever a decent rink can be found. A RECENT THEORY OF MILO'S POSE. 1878.-Columbia sent a four-oared crew to England, which succeeded in winning the Visitors' Challenge Cup. This is to-day the only English boating trophy on this side the ocean. 1881. Cornell sent to Henley a four-oared crew that had the previous year won the American InterCollegiate Regatta on Lake George. It lost at Henley, as well as on the Continent. This 1895.--Cornell sent an eight-oared crew to Henley, entering only for the Grand Challenge Cup. crew won its first heat from Leander by what may be technically called, I suppose, default. Its second heat was against Trinity Hall at the half mile, pulling forty four to Trinity's thirty-eight strokes; Cornell led by half a length. At the mile, pulling the same number of strokes, Trinity had closed the gap and was beginning to leave Cornell, whereupon Cornell collapsed. To those who believe in the physical and disciplinary value. of outdoor sports, it is not more gratifying to see their extraordinary popularity than to note the better standards which the most far-seeing, enthusiastic and gentlemanly devotees have succeeded in establishing almost everywhere in the conduct of competitive athletics. Especially in colleges there has been an enormous stride forward in the matter of drawing clearly and exactly the lines of professionalism. To one who is a stranger to the inside of college competitive games it may seem at first thought that the efforts for such strict tests of professionalism are resulting in very hair splitting arguments, but any one who has realized the dishonorable effects of mixing to the slightest degree the professional spirit with the amateur spirit will need no argument to understand how important it is that the colleges should cease playing on their teams men who are having their way paid through college, or who are playing for money, or who ever have played for money. A good fight has been made, and has succeeded not only in the East, where these matters have been under discussion for a very long time, but also in the South and West, which have come to the front in athletic competitions so rapidly that no time had been given to prevent these abuses. Nowadays the most dignified enthusiasts in athletics are working for a state of affairs where the graduate and other committees will not only prevent any taint of professionalism but will also keep the games and training from interfering with the students' studies -all of which is good and necessary, not only from the standpoint of the college tone in gene Mr. Walker was no doubt prompted to this idea by the successful experiments on the banks of the Potomac of a flying ship just completed by Professor Langley, Secretary of the Smithsonian Institute. Somewhat EVENING PARADE OF AUTO-MOTOR CARS IN THE GROUNDS OF THE IMPERIAL INSTITUTE, LONDON. ral, but in the interests of the continued enjoyment of athletics. When one has mentioned these dozen or so games that are diverting so many millions of men and women, many of whom have been totally unused to relief from the daily grind, of course nothing has still been said of as many inore sports almost as important, nor of the extraordinary modern taste for tourist sightseeing, for hunting and for fishing. The increase of interest in these seems to be only measured by the limits of time which improved methods of transportation are each day extending. But the world does not seem to be satisfied with clipping off minutes and hours from its railroad records and days from its transatlantic steamship time; these slower advances toward a more perfect system of transportation are supplemented, for instance, by the labors of a hundred inventors in search of a successful flying-machine. The scientists who deserve the most respectful attention having decided that it is the aeroplane theory which will govern any successful air machine, it is merely a question now as to whether Mr. Lilienthal, Mr. Maxim or Mr. Langley will be able to obtain the right kind of motive power and steering gear for their soaring machines. In one of the departments of the REVIEW OF REVIEWS this month there is mentioned the offer of Mr. John Brisben Walker, the editor of the Cosmopolitan Magazine,-who has been a consistent and enthusiastic believer in the flying machine idea for many years, -to become the first subscriber to a stock company to be engaged in the manufacture of promising types of air ships. nearer to earth and more immediately promising of practical results, is the horseless carriage industry now in full budding growth. Only a couple of months ago this same Mæ cenas of inventors, Mr. Walker, presided over a race of horseless carriages for the large prizes which he had offered, from New York City to Irvington-on-the Hudson, and such men as General Miles and Mr. Depew were sufficiently interested in the economic importance of the event to act as judges. Mr. Walker and many others beside him are confident that we are entering upon a "horseless age," and that the steamdriven road motors will make vast improvements in our methods of wagon transportation. In fact it is so thoroughly accepted that the horseless carriage has come to stay that scores of manufacturers are already engaged in turning out these machines of many and varied types. Their first use will of course come in the cities, where there are good roads, and for such purposes as light expressage. The great value of the horseless carriage as compared with the old style is its far greater cheapness. The use of horses in our cities, for instance, is practically forbidden to all except the very rich. team fed with oil or naphtha at a cost of a few cents a day, will perhaps eventually place a barouche for afternoon rides in Central Park within the reach of any bookkeeper or clerk. When a man earning $2,000 a year in New York City can maintain an equipage which will trundle him twenty miles away from his flat in an hour, a whole new class of citizens will become victims to the tennis, baseball or golf habit, from which they are now sheltered by the mere inertia of time and space to be overcome. with each advance in the art of moving rapidly there will be a corresponding increase in out-of-door sports, and a better opportunity to reach the fields and the woods in the short vacations allowed by the hurrying business struggles of to-day. But a And THE WORLD'S CURRENCIES. SOU OUND CURRENCY, published by the Reform Club, of New York, presents in a recent number the following table relating to the world's currencies, which will be found valuable for reference : MONETARY SYSTEMS AND APPROXIMATE STOCKS OF MONEY IN THE AGGREGATE AND PER CAPITA IN THE PRINCIPAL COUNTRIES OF THE WORLD Total. $4,086,800,000 $3,439,300,000 $631,900,000 $4,071,200,000 $2,564,800,000 In these countries silver is a legal tender, but coined only to a limited extent and for government account, by which means the gold standard is maintained. In Germany and Austria-Hungary some old legal tender silver is still current. § Actual standard, depreciated paper. a November 1, 1895; all other countries, January 1, 1895. b Estimate, Bureau of the Mint. c Information furnished through United States representatives. d Haupt. Except Venezuela and Chili. f Bulletin de Statistique. LEADING ARTICLES OF THE MONTH. "A Thirty Years' War, or very nearly, has been waged over the equal monetary rights of silver and gold-a war as fatal in its consequences as the religious war of the seventeenth century. It was at the first monetary conference at Paris in 1867 that the theory of the single gold standard won its first decisive victory. If to-day, after thirty years, we look back on those discussions, we see that all the suppositions then made in this respect were erroneous. The first and foremost object was to attain unity of standard through the gold standard; instead of this, the result has been that the world suffers from differences in money value such as never existed before. The principle that a fixed ratio of values between the two precious metals is possible was condemned; yet after thirty years the British House of Commons unanimously declares that the government should do everything in its power to obtain and secure a fixed ratio between the two precious metals. "If the nations could live the past thirty years over again, with the experience gained since, there is no doubt that the luckless experiment of imitating the English gold standard would not be repeated, but on the contrary each nation would strive to strengthen the double standard of the Latin Monetary Union, which secured to the world's commerce the stability of the ratio of values and the most stable value of money conceivable, amid the greatest fluctuations in the production. It certainly does not speak well for the gold standard that everybody now regrets that the warning voices of a Wolowski and a Seyd, thirty years ago, were not heard, which predicted the grave economic crisis as the consequence of the confusion in regard to the money standard.” He proceeds to declare that nothing has been more fully demonstrated than the fact that the depression of silver has been due to hostile monetary laws. He quotes Bismarck as saying in private conversation: "We have got into a swamp with our gold standard, and we don't know how to get out." Dr. Arendt has long had his own opinion as to the way to get out, and that way simply is for Germany and the United States to join with France and the Latin Union. For sixteen years this has been Dr. Arendt's programme: HOW TO ADOPT BIMETALLISM. "When I first joined in the battle of the standards, in 1880, I tried to show that the international double standard does not presuppose the participation of England, but that on the contrary it would be more advantageous for Germany, France and the United States if they adopted bimetallism without England. Either a fixed parity between silver and gold would then be attained, and then England would have no advantage; or gold would remain at a premium, and then England would be the land of the highest money value, to which every one would be anxious to sell and from which no one would willingly buy. Her economic decline would thus be inevitable. "About 1885 I secured the acceptance of this view, which I still regard as correct. For ten years the German bimetallist party strove, unfortunately without success, to realize the programme: Bimetallism without England, in connection with the Latin Monetary Union and the United States. If in 1895 we decided to recognize the participation of England as an indispensable prerequisite to the adoption of the double standard by Germany, it was not because our monetary views had undergone a change, but because we recognized that we made no headway with our former programme. If the silver price had declined still more, or if the decrease in the gold production, down to about 1885, had continued still further, the maintenance of the gold standard would have been impossible. But the gold production unexpectedly increased, and the silver price rose, so that the situation became more endurable, especially for commerce and industry. A respite was thus created for the gold standard." THE AMERICAN MISTAKE. As to the future of gold production, Dr. Arendt believes with Professor Suess, of the University of Vienna, that the greater the output of gold the sooner will the end be reached. Dr. Arendt thinks that the gold fields are destined to early exhaustion, and that the impossibility of a universal gold standard will be recognized in a few years. He declares that the United States has made a great mistake in its half-way measures for the rehabilitation of silver. "The Americans ignored the great fundamental laws of circulation in trying to save silver by the |