New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-21
LILO ERR0RS.

The Sun has an idea that the Resumption act,
i'm authorizing the sale of bonds to prepare
and provide for the redemption OF United
States notes. only authorized sales prior to the
date of resumption. The power was given, The
San says, only to prepare and provide for re-
demptiOn January !, 1879, "and there is no
line nor word in the act which hints that it was
TO last beyond that date" This mistake is 3 o
extraordinary that the language of that journal
has been quoted But the Resumption act
reads: aAnd on and after the first day of
january, 1879, the Secretary shall redeem i'll
acoin the United States notes then outstanding,
"on their presentation" This redemption was
TO begin on n day fixed, and to continue there
after Ms long as any of the notes should be pre-
scnted 1t was to prepare and provide Tor the
redemption in this act authorized" that the
Secretary was authorized to use any surplus
-revenues from time 10 time in the Treasury
mot otherwise appropriated, and to issue, SELL
Sand dispose of mt not less than par the bonds
in question. Every one will see from this
language that provision Is here made for con-
tinuing redemption as long as any notes may
remain to be redeemed, and that the two
powers, to use surplus revenues for that pur-
pose and to sell bonds for that purpose, were
both of indefinitely extended duration, to con-
time rs long ~ tho. redemption should con-
tinuc.
Neither is il true that the words in coin in
the act of 1873 meant or can have meant any
thing else than gold coin. If question arises as
t. the meaning of any statute, it is an estab-
lished principle of law that it must be construed
To mean what other statutes in force ut the time
of its enactment, and the state of facts then
existing, would Indicate it to mean. According
to the act of 1873, = coin of the United States
was gold coin only for payments in excess of
the small amounts for which fractional silver
could be lawfully used. The plea that old
silver dollars of date prior to 1878, remained
in the country and were legal tender
still. is not good. From the organization OF
the Government, only s,045,S3S such dollars
had up to 1873 been coined, and nearly the
whole of these had vanished from the country
and been melted down or recoined. TO redeem
S3lO 600. 900 of legal-tenders in the pitiful
fraction Of the silver coinage yet in existence
was minifestly impossible, and it is therefore
absurd to suppose that Congress intended any
such redemption. Ii manitestly did intend, and
did mean to be understood by creditors OF the
Government as intending, that the notes should
be redeemed in the coinage of the United States
authorized at the time the Resumption act was
passed, namely, in gold coins, tho amount re-
auired to be presented for redemption at any
one time being $50 or more. whereas the silver
coins then part of the egalized coinage could
be only used lawfully in payments not ex-
ceeding 50 in any one payment" This was the
language of the law In force when the Resump-
ton act was passed, and it controls the inter
probation of that act
The conclusion is irresistible; the Admins
traton Is required by law to maintain redemp-
ton in gold coin, and is authorized by law to sell
any amount of bonds that may be necessary for
that purpose.