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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

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 ainong 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 jour. ney 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, with out 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

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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 surpassed 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

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ever, the race has not been rowed yet, and perhaps Undoubtedly the whole idea of international aththe American shorter stroke will show up well at letics received powerful encouragement in the great the end. This is the fifth American college crew to success of the Olympic games at Athens last April. row English university boats on their own waters, This success was not so much in the large number and only one of these five has ever returned with of contestants, or in their distinctly representative a trophy. Indeed, no crew of eight has ever won in championship character, but rather in the fine spirit English waters. The international record stands in of hospitality shown by the Greeks and the enthudetail as follows:

siasm of the athletes and the huge crowds of spec1869.-A Harvard 'varsity eight rowed Oxford tators. The public character of these games was

over the regular manifested in the efforts of the Crown Prince, who Oxford-Cam was in charge, and the active participation of the bridge four mile royal family of Greece, who, with indeed all the Thames course and Greek officials, did everything possible to throw a was defeated by spirit of hospitality over the occasion. This is by six seconds.

no means the last of the modern Olympic games; 1876.– First they are to recur every two years, that is, in 1898, Trinity College 1900, and so on, and are to be known as the Inter

national 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 of Cambridge

hundreds of active fellows are University sent

booming wherever a decent a fou r- oared

rink can be found. crew to our

To those who believe in the Centennial Re

physical and disciplinary value gatta at Phila

of outdoor sports, it is not delphia, and

more gratifying to see their was defeated by

extraordinary popularity than Yale. Robert J.

to note the better standards Cook, the pres

which the most far-seeing, enA RECENT THEORY OF MILO'S POSE. ent Yale coach,

thusiastic and gentlemanly de

From Life. was stroke.

votees have succeeded in es. 1878. -Columbia sent a four-oared crew to Eng. tablishing almost everywhere in the conduct of comland, which succeeded in winning the Visitors' petitive athletics. Especially in colleges there has Challenge Cup. This is to-day the only English been an enormous stride forward in the matter boating trophy on this side the ocean.

of drawing clearly and exactly the lines of pro1881.--Cornell sent to Henley a four-oared crew fessionalism. To one who is a stranger to the that had the previous year won the American Inter- inside of college competitive games it may seem at Collegiate Regatta on Lake George. It lost at Hen. first thought that the efforts for such strict tests of ley, as well as on the Continent.

professionalism are resulting in very hair-splitting 1895. --Cornell sent an eight-oared crew to Henley, arguments, but any one who has realized the disentering only for the Grand Challenge Cup. This honorable effects of mixing to the slightest degree crew won its first heat from Leander by what may the professional spirit with the amateur spirit will be technically called, I suppose, default. Its second need no argument to understand how important it heat was against Trinity Hall at the half mile, pull- is that the colleges should cease playing on their ing forty four to Trinity's thirty-eight strokes ; teams men who are having their way paid through Cornell led by half a length. At the mile, pulling college, or who are playing for money, or who the same number of strokes, Trinity had closed the ever have played for money. A good fight has been gap and was beginning to leave Cornell, whereupon made, and has succeeded not only in the East, where Cornell collapsed.

these matters have been under discussion for a very

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long time, but also in the South and West, which Mr. Walker was no doubt prompted to this idea by have come to the front in athletic competitions so the successful experiments on the banks of the rapidly that no time had been given to prevent these Potomac of a flying ship just completed by Profesabuses. Nowadays the most dignified enthusiasts sor Langley, Secretary of the Smithsonian Institute. in athletics

Some what are working

nearer to for a state of

earth and affairs where

immethe graduate

diately promand other

ising of prac. committees

tical results, is will not only

the horseless prevent any

ca r riage in taint of pro

dustry now in fessionalism

full budding but will also

growth. Only keep the

a couple of games and

months ago training from

this sa me interfering

Mæ cenas of with the stu

inventors, Mr. dents' studies

Walker, pre-all of which

sided over a is good and

race of horsenecessary, not

less carriages only from the

for the large standpoint of EVENING PARADE OF AUTO-MOTOR CARS IN THE GROUNDS OF THE IMPERIAL prizes which the college INSTITUTE, LONDON.

he had oftone in gene

fered, from ral, but in the interests of the continued enjoyment New York City to Irvington-on-the Hudson, and of athletics.

such men as General Miles and Mr. Depew were When one has mentioned these dozen or so games sufficiently interested in the economic importance that are diverting so many millions of men and of the event to act as judges. Mr. Walker and women, many of whom have been totally unused to many others beside him are confident that we are relief from the daily grind, of course nothing has entering upon a " horseless age,” and that the steainstill been said of as many inore sports almost as driven road motors will make vast improvements in important, nor of the extraordinary modern taste for our methods of wagon transportation. In fact it is tourist sightseeing, for hunting and for fishing. so thoroughly accepted that the horseless carriage The increase of interest in these seems to be only has come to stay that scores of manufacturers are measured by the limits of time which improved already engaged in turning out these machines of methods of transportation are each day extending. many and varied types. Their first use will of But the world does not seem to be satisfied with course come in the cities, where there are good clipping off minutes and hours from its railroad rec- roads, and for such purposes as light expressage. ords and days from its transatlantic steamship The great value of the horseless carriage as comtime; these slower advances toward a more perfect pared with the old style is its far greater cheapness. system of transportation are supplemented, for in. The use of horses in our cities, for instance, is pracstance, by the labors of a hundred inventors in tically forbidden to all except the very rich. But a search of a successful flying-machine. The scien- team fed with oil or naphtha at a cost of a few cents a tists who deserve the most respectful attention hav- day, will perhaps eventually place a barouche for ing decided that it is the aeroplane theory which afternoon rides in Central Park within the reach of will govern any successful air machine, it is merely any bookkeeper or clerk. When a man earning $2,000 a question now as to whether Mr. Lilienthal, Mr. a year in New York City can maintain an equi. Maxim or Mr. Langley will be able to obtain the page which will trundle him twenty miles away from right kind of motive power and steering gear for his flat in an hour, a whole new class of citizens their soaring machines. In one of the departments will become victims to the tennis, baseball or golf of the REVIEW OF REVIEWS this month there is men- habit, from which they are now sheltered by the tioned the offer of Mr. John Brisben Walker, the mere inertia of time and space to be overcome. And editor of the Cosmopolitan Magazine, —who has with each advance in the art of moving rapidly there been a consistent and enthusiastic believer in the will be a corresponding increase in out-of-door flying machine idea for many years,—to become the sports, and a better opportunity to reach the fields first subscriber to a stock company to be engaged and the woods in the short vacations allowed by the in the manufacture of promising types of air ships. hurrying business struggles of today.

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THE WORLD'S CURRENCIES. 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

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3 4 5 6 7

1 to 1543
1 to 1542
1 to 1542
1 to 1542
1 to 1542

1 to 14.95
1 to 14.48
1 to 14.38
1 to 13.957
1 to 14.38
1 to 14.38
1 to 14.38
1 to 14.38
1 to 14.38
1 to 14.08

$8.78
14.91
22.19
12.21
8.73
3.20
4.97
0.23
2.28
7.45
6.65
1.30

9
10
11
12
13
14
15
16
17
18
19
20

3.22

United States a....

Gold*
United Kingdom.. Gold.
France..

Gold.*
Germany

Gold.
Belgium

Gold*
Italy.

Gold*8.
Switzerlaud.

Gold*.
Greece

Gold*&.
Spain.

Gold*8.
Portugal

Golds.
Roumania.

Gold.
Servia.

Golds.
Austria-Hungary.. Golds
Netherlands

Gold*.
Norway.

Gold.
Sweden.

Gold.
Denmark

Gold.
Russia..

Silvers
Turkey

Gold*
Australia.

Gold..
Egypt..

Gold.
Mexico

Silver,
Central American
States.

Şilver.
South American
States e.

Silver..
Japan

Silver..
India.

Silver
China.

Silver
Straits Settle
ments

Silver
Canada

Gold...
Cuba.

Gold*
Haiti.

Gold*
Bulgaria.

Gold*.

1 to 1558

70,400,000
38,900,000
38,300,000
51,200,000

6,300,000
30,700,000
3,000,000
2,200,000
17,500,000
5,100,000
5,800,000
2,300,000
43,500,000
4,700,000
2,000,000
4,800,000

2,300,000
126,000,000
22,000,000

4.700,000
6,800,000
12,100,000

5,600,000
36,000,000
41.100,000
296,000,000
360,000,000

3,800,000
4,800,000
1,800,000
1.000.000
4,300,000

$618,100,000
b580,000,000
1850,000,000
b625,000,000
155,000,000
c98,200,000
c14,900,000

b500,000
b40,000,000
638,000,000
c38,600,000

c3,000,000
6140,000,000
c29,200,000
67,500,000
08,000,000
c14,500,000
b480,000,000
b50,000,000
b115,000,000
b120,000,000
65,000,000

b50,000
b40,000,000
c80,000,000

$8.89

2.96
12.74
4.20
8.71
1.35
5.00
0.68
9.49
4.86
1.83
0.83
2.76
12.10
1.00
1.00
2.35
0.38
1.82
1.40
2.20
4.54

1 to 13.69
1 to 15
1 to 14.88
1 to 14.88
1 to 14.88
1 to 12.8)
1 to 1576
1 to 14.28
1 to 15.68

$5.92 $23.59
2.91 20.78
0.85 35.78
1.18 17.59
10.38

27.82
5.62 10.17
5.47 15.44
11.18 12.09
4.78

16.55
8.98 21.29
2.02 119.50
1.22 3.35
4.70 10.68
7.36 25.67
1.9) 6.65
3.66 6.34
2.35 11.00
4.28

8.46
4.09
25.96

19.85
16.00 5.11

$548,400,000 $77,200,000

b115 000,000
6430,000,000 c57,900,000
b105,000,000 €110,000,000

b48,000,000 c6,900,000
b c21,400,000 bc20,000,000
b10 000,000 5,000,000

1500,000 61,000,000
b126,000.000 540,000.000

124.800,000
c10,600,000

c1,900,000
580,000.000 $40,000,000
c53,000,000 c3,900,000

b2,000,000
C4,800,000

c5,400,000

148,000,000
b30,000,000 d 10,000,000

b7,000,000

h15,000,000
155,000,000
c12,000,000
130,000,000

268,000,000 c16,300,000
1,950,000,000
b750,000,000
6115,000,000

6,500,000
b1,500,000
52,100,000 hs00.000
63,400,000 3,400,000

8625,600,000 $416,700,000

115,000,000 € 113,400,000
487,900,000 f 32,800,000
215,000,000 C 60,400,000
54,900,000 C 65,400,000
41,400,000 c 172,800,000
15,000,000 f 16,400,000

1,500,000 € 24,600,000
166,000,000 c 83,700,000
24,800,000

C 45.800,000 10,600,000 c 11,700.000

1,900,000 f 2,800,000
120,000,000 c 204,700,000
56,900,000 c 34,600,000

2,000,000 c 3,800,000
4,800,000 f 17,600,000
5,400,000 c 5,400,000
48,000,000 c 539,000,000
40,000,000

7,000,000
15,000,000
55,000,000 b 2,000,000
12,000,000 C 8,000,000
30,000,000 550,000,000

84,300,000 83,000,000
950,000,000 h 37,000,000
750,000,000
115,000,000

6,500,000 40,100,000
1,500,000
2,900,000 C 4,200,000
6,800,000

1 to 1542
1 to 1577

12
13
14
15
16
17
18
19
20

6.21
3.75
1.66
6.30
3.80
2.27
24.47
17.65
0.41

22

1 to 1642

0.09

2.14

1.43

3.66

24

1 to 1542
1 to 15%
I to 10.18
1 to 15

1.11 1.95

23
26

0.83
2.05
3.21
2.08

15.28
2.02
0.12

17.22
6.02
3.33
2.08

28

1 to 14.28

8.32

30
31

1 to 1542
1 to 15%
1 to 1542

20.000.000
b18,000,000
53,000,000

b800,000

4.17
10.00
3.00
0.18

3.26
1.35
0.83
2.90
1.58

3.26
13.84
10.83
10.10
1.76

4.20

1 to 14.38

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 stand rd is maintained. In Germany and Austria-Hungary some old legal tender silver is still current. Actual standard, depreciated paper.

a Norember 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.

DR. ARENDT'S LATEST WORD ON THE SILVER

QUESTION

THE

HE readers of the REVIEW OF Reviews are al

ready somewhat familiar with the arguments and opinions of Dr. Otto Arendt, the distinguished German advocate of bimetallism. Dr. Arendt is a member of the Prussian House of Deputies, served on the Gerinan Silver commission of 1894 (the REVIEW OF REVIEWS published Dr. Arendt's report as a member of that commission), and he is editor of the Deutsches Wochenblatt. In the North American Review for June appears a very timely article from Dr. Arendt's pen entitled “The Outlook for Silver.” Dr. Arendt opens his article with the following paragraphs:

A RETROSPECT. "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 relig. ious 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: Bimetal. lism without England, in connection with the Latin Monetary Union and the United States. If in 1895 we decided to recognize the participation of Eng. land 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 endur. able, especially for commerce and industr

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

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