[Congressional Record Volume 140, Number 61 (Tuesday, May 17, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[Congressional Record: May 17, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                       A COURT-ORDERED GOLD HEIST

  Mr. REGULA. Mr. Speaker and my colleagues, today's Washington Post 
contains a story captioned ``A Court-Ordered Gold Heist.'' It points 
out in the article that yesterday Secretary Babbitt signed a deed from 
the American people to a Canadian company for 1,950 acres in Nevada. 
The Canadian company paid less than $10,000 for the 1,950 acres, which 
is estimated to contain $10 billion worth of gold. What a bargain for 
this company but not for the taxpayers.
  This is the result of the 1872 Mining Law, a law that is now more 
than 130 years old. This is a rip-off of the American taxpayer, a rip-
off of the American people. If we could get mining reform, this would 
not happen.
  The House Subcommittee on Interior Appropriations, in its bills, has 
for the past 4 years included a moratorium on issuing patents. This has 
passed the House, but unfortunately, it has been removed in conference. 
So the result is that the United States conveys this valuable, valuable 
acreage for a pittance because of the provisions in this antiquated 
law. What an outrage. The Mining Act needs reform in the worst kind of 
way.

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