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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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over

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

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 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 four-pared

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 pro. 1881.--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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more

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

imme. the graduate

diately promand other

ising of prac. committees

tical results, is will not only

the horseless prevent any

car 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 of tone 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 steain. still 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

MONETARY SYSTEMS AND APPROXIMATE STOCKS OF MONEY IN THE AGGREGATE AND PER CAPITA IN THE PRINCIPAL COUNTRIES OF THE WORLD

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8
9
10
11
12
13
14
15
16
17
18
19
20

United States a....

Gold*
United Kingdom.. Gold.
France

Gold.
Germany

Gold..
Belgium

Gold
Italy

Gold*8.
Switzerlaud

Gold.
Greece.

Gold*8.
Spain..

Gold*8.
Portugal

Golds.
Roumania.

Gold...
Servia.

Golde.
Austria-Hungary.. Golds
Netherlands

Gold*.
Norway.

Gold..
Swedeu

Gold..
Denmark

Gold..
Russia.

Silvers..
Turkey

Gold*..
Australia.

Gold..
Egypt.

Gold...
Mexico.

Silver...
Central American
States

Silver
South American
States e

Silver.
Japan

Silver.
India.

Silver
China.

Silver
Straits Settle.
ments.

Silver
Canada.

Gold..
Cuba.

Gold*.
Haiti,

Gold*
Bulgaria

Gold*.

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

b115 000,000
5430,000,000 c57,900,000
b105,000,000 $110,000,000

b48,000,000 c6,900,000
b c21,400,000 bc20,000,000
610 000,000 5,000,000

b500,000 61,000,000
b126,000.000 b40,000.000

b24,800,000
c10,600,000

c1,900,000
b80.000.000 b40,000,000
c53,000,000 c3,900,000

b2,000,000
C4,800,000
c5,400,000

b48,000,000
130,000,000 d 10,000,000

b7,000,000

115,000,000
b55,000,000

1 to 1558

$618,100,000
5580,000,000
5850,000,000
5625,000,000
b55,000,000
c98,200,000
c14,900,000

b500,000
540,000,000
138,000,000
c38,600,000

c3,000,000
1140,000,000
029,200,000
67,500,000
c8,000,000
c14,500,000
b480,000,000

150,000,000
b115,000,000
b120,000,000
65,000,000

b500,000
b40,000,000
c80,000,000

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

$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

i to 13.69
1 to 15
1 to 14.88
1 to 14.88
1 to 14.88
1 to 12.90
1 to 15%
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
1.91 6.65
3.66 6.34
2.35 11.00
4.28 8.46

4.09
25.96

19.85
16.00 5.11

11
12
13
14
15
16
17

$625,600,000 $416,700,000 $8.78

115,000,000 € 113,400,000 14.91
487,900,000 s 32,800,000 22.19
215,000,000 C 60,400,000 12.21
54,900,000 C 65,400,000 8.73
41,400,000 c 172,800,000 3.20
15,000,000 f 16,400,000 4.97

1,500,000 € 24,600,000 0.23
166,000,000 c 83,700,000 2.28
24,800,000 c 45.800,000 7.45
10,600,000 c 11,700,000 6.65

1,900,000 f 2,800,000 1.30
120,000,000 c 204,700,000 3.22
56,900,000 c 34,600,000 6.21
2,000,000 c3,800,000

3.75
4,800,000 f 17,600,000 1.66
5,400,000 c 5,400,000 6.30
48,000,000 c 539,000,000

3.80
40,000,000

2.27
7,000,000

24.47
15,000,000

17.05
55,000,000 6 2,000,000 0.41
12,000,000 C 8,000,000 0.09
30,000,000 550,000,000 1.11

84,300,000 83,000,000 1.95
950,000,000 h 37,000,000
750,000,000
115,000,000

6,500,000 40,100,000 4.17
1,500,000

10.00
2,900,000 c 4,200,000 3.00
6,800,000

0.18

1 to 1542
1 to 1578

2.14

1.43

3.66

24

1 to 1642
1 to 1542
1 to 15%
1 to 16.18
1 to 15

c16,300,000

0.83
2.05
3.21
2.08

15.28
2.02
0.12

17.22
6.02
3.33
2.08

27

27

c12,000,000
530,000,000

068,000,000
1950,000,000
b750,000,000
b115,000,000

b1,500,000
b2,100,000
63,400,000

28

29

1 to 14.28

6,500,000

8.32

1 to 15%2
1 to 15%
1 to 1542

3.26
1.35
0.83
2.90
1.58

20,000,000
b18,000,000
63,000,000

b800,000

31

3.28
13.84
10.83
10.10
1.76

4.20

31

1 to 14.38

H800,000
3,400,000

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.

THE.

DR. ARENDT'S LATEST WORD ON THE SILVER quotes Bismarck as saying in private conversation: QUESTION.

“We have got into a swamp with our gold stand

ard, and we don't know how to get out." Dr. HE readers of the REVIEW OF REVIEWS are al Arendt has long had his own opinion as to the way

ready somewhat familiar with the arguments to get out, and that way simply is for Germany and and opinions of Dr. Otto Arendt, the distinguished the United States to join with France and the Latin German advocate of bimetallism. Dr. Arendt is a

Union. For sixteen years this has been Dr. Arendt's member of the Prussian House of Deputies, served

programme: on the German Silver commission of 1894 (the RE

HOW TO ADOPT BIMETALLISM. VIEW OF REVIEWS published Dr. Arendt's report as a member of that commission), and he is editor of When I first joined in the battle of the standthe Deutsches Wochenblatt. In the North Ameri ards, in 1880, I tried to show that the international can Review for June appears a very timely article

double standard does not presuppose the participafrom Dr. Arendt's pen entitled “The Outlook for tion of England, but that on the contrary it would Silver.” Dr. Arendt opens his article with the fol be more advantageous for Germany, France and the lowing paragraphs:

United States if they adopted bimetallism without

England. Either a fixed parity between silver and A RETROSPECT.

gold would then be attained, and then England "A Thirty Years' War, or very nearly, has been

would have no advantage; or gold would remain at waged over the equal monetary rights of silver and

a premium, and then England would be the land of gold-a war as fatal in its consequences as the relig

the highest money value, to which every one would jous war of the seventeenth century. It was at the

be anxious to sell and from which no one would first monetary conference at Paris in 1867 that the

willingly buy. Her economic decline would thus theory of the single gold standard won its first de

be inevitable. cisive victory. If to-day, after thirty years, we look

“About 1885 I secured the acceptance of this back on those discussions, we see that all the sup

view, which I still regard as correct. For ten years positions then made in this respect were erroneous. the German bimetallist party strove, unfortunately The first and foremost object was to attain unity of

without success, to realize the programme: Bimetalstandard through the gold standard; instead of this,

lism without England, in connection with the Latin the result has been that the world suffers from dif

Monetary Union and the United States. If in 1895 ferences in money value such as never existed be

we decided to recognize the participation of Eng. fore. The principle that a fixed ratio of values

land as an indispensable prerequisite to the adoption between the two precious metals is possible was

of the double standard by Germany, it was not becondemned; yet after thirty years the British House

cause our monetary views had undergone a change, of Commons unanimously declares that the govern

but because we recognized that we made no headment should do everything in its power to obtain

way with our former programme. If the silver and secure a fixed ratio between the two precious price had declined still more, or if the decrease in metals.

the gold production, down to about 1885, had con“ If the nations could live the past thirty years

tinued still further, the maintenance of the gold over again, with the experience gained since, there

standard would have been impossible. But the gold is no doubt that the luckless experiment of imitat

production unexpectedly increased, and the silver ing the English gold standard would not be re

price rose, so that the situation became more endur. peated, but on the contrary each nation would

able, especially for commerce and industry. A res. strive to strengthen the double standard of the

pite was thus created for the gold standard." 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 As to the future of gold production, Dr. Arendt the greatest fluctuations in the production. It cer believes with Professor Suess, of the University of tainly does not speak well for the gold standard that Vienna, that the greater the output of gold the everybody now regrets that the warning voices of a sooner will the end be reached. Dr. Arendt thinks Wolowski and a Seyd, thirty years ago, were not that the gold fields are destined to early exhaustion, heard, which predicted the grave economic crisis as and that the impossibility of a universal gold standthe consequence of the confusion in regard to the ard will be recognized in a few years. He declares money standard.”

that the United States has made a great mistake in He proceeds to declare that nothing has been more its half-way measures for the rehabilitation of silver. fully demonstrated than the fact that the depression “ The Americans ignored the great fundamental of silver has been due to hostile monetary laws. He laws of circulation in trying to save silver by the

THE AMERICAN MISTAKE.

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