The Cordova daily times., 1921-11-01
CREDIT SILVER FLOWS BACK
 TOU.S.
,nv International News sorviccp

United States. Millions or uolldrS ol the precious metal. exported from this country in the dark war days early in 1918. when the Germans were ham mering at the gates of Paris are now coming back from the Orient after serving to allay the fears Of the na- tive populations to whom the term 1, legal tender" means silver. |
 Silver protection throughout the world could not meet the demands of the eastern countries during the war. ! flushed with wartime prosperity. and requiring additional currency 10 fl nance their growing commerce.
 Silver was used during the war to offset the propaganda of Germans agents in the Far East While the allied forces held back the Germans. a flood of silver from this country completely offset the German efforts to stir up trouble there Silver dol. lars. idle iu the vaults of the United States treasury, were melted into bars and shipped to the orient to re. store the natives. waning confidence in their currency and the allied credit.
 OUTFLOW SILVER ss13,8o8,536
 The imperative necessity of dispcl. ling disquietinG reports in the Far East about the reserve was due to the importance of silver in the eco homie life of the Far East It is the money of the baZaars of India. It IS the coin in which bills are paid and purchases made, and is the coin with which the native has been familiar since childhood and the one bullion in which he places absolute confidence.
 The size of this outflow of silver from the United States in the days when it was considered a necessity to aid in winning the war may be judged from the figures of the director of the mint In the six years from 1915 to 1920. inclusive, imports of silver into the United States amounted to $36S .933. ATS, while exports totaled $SI3, ,SO5.53G, an excess of exports even imports of $44S75.O7S. Production of silver in the United States in the same period was $332. 2.367 ,5O6 From 1915 to 1910 inclusive the amount of bar sil- yer consumed in the arts in the Unit ed States was valued at $95769,6 ,6SI.
 REPLENIsH CoFFERs
 The following table of imports and exports indicates why it was ncccs- sary to draw upon the stock of silver in the United States treasury to make up the shortage, including the melt ing of 27O.12l.155 silver dollars under the Pittm2n act:
 192O-Imports. $SSO6O,0 ,04l; exports, $113,616, 224; excess of exports over imports. $25,556,1S3.
 1919-Tmports. $S9, ,41O.OlS; exports. S239 ,O2l,O5l; excess of exports over imports. .Sl49.6 .O33
 191S-Emports. S7l.375. .699; exports. $252,S46,464; excess of exports over imports, $1S1.47O.16
 l9l7-Imports, $53,34O.477; exports. $S4, ,l30,S76; excess of exports over i'm ports, $3O,79O,3 ,399
 1916-Imports, $32.263. .2S9; exports, 70,595,037; excess of exports over imports. 3S.33l,74S.
 1915-Imports, $34,4S3,954; exports, $53.59S,SS4; excess of exports over i'm ports $I9,114.930
 Total Imports $36S, ,927.17S: exports. $S13.S0S,52G; excess of exports over imports, $444.S75.05S
 The Pittman act of April. 1918. au- thorized the melting of silver dollars to the extent of 350.0OO.OOO to meet the world shortage of silver, produc tion here falling far short of meeting the demand The stock of silver mon ey held by the United States was re- duced from $757, ,4O0.624 in 1915 to $54O, ,2S2, ,594 held at the end of 1920
 Now the silver is being replenished Last February the coinage of silver dollars was resumed and the treasury is to continue it's purchase of silver and ConinE operations until the last silver dollar melted to help win the war has been restored.