[Congressional Record Volume 140, Number 68 (Thursday, May 26, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 26, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                        SALUTE TO CHESTER KRAUSE

                                 ______


                          HON. THOMAS E. PETRI

                              of wisconsin

                    in the house of representatives

                         Thursday, May 26, 1994

  Mr. PETRI. Mr. Speaker, next Monday, Memorial Day, the people of 
Iola, WI will join in a special community salute to Chester Krause, 
civic leader and entrepreneur who, over a period of 40 years, 
transformed his central Wisconsin village of 1,125 residents into a 
publishing empire.
  Krause Publications, Inc., internationally known publisher of hobby 
and collectible magazines and guidebooks, was founded in October 1952 
when Chet Krause's desire to have a means by which to exchange 
information with fellow coin enthusiasts led to his producing and 
disseminating the first issue of a 1-page newspaper he called 
Numismatic News.
  For that early dining-room-table effort, Chet solicited the ads, sold 
the subscriptions, and wrote the copy, while pursuing his original 
occupation as a carpenter. Now acknowledged as America's foremost hobby 
publications firm, Krause Publications employs 350 people and publishes 
26 periodicals and 50 books annually. In addition to the seminal 
Numismatic News, publications include magazines devoted to old cars, 
baseball cards and other sports collectibles, and old record, toy, 
firearm, and comic book collections.
  In 1990, after a decade of phenomenal growth in his business, Chet 
was named Wisconsin's Small Business Person of the Year by the Small 
Business Administration. Although he retired as company president in 
1988, he remains chairman of the board.
  It is not only for his tremendous business acumen and entrepreneurial 
success that Chet Krause is being recognized by his fellow citizens 
this weekend, but also for his extraordinary and heartfelt commitment 
to public service, to his employees and to his community. He is Iola's 
leading citizen, and it is difficult to imagine that one man has left 
so great an imprint and transformed so completely the life of a town.
  Twenty years ago, Chet parlayed a lifelong interest in vintage 
automobiles into the annual Iola Old Car Show, one of Wisconsin's 
largest festivals and tourist attractions and the biggest such event in 
the Midwest. Proceeds from the show are funneled back into the Iola 
community and have supported innumerable charitable and civic 
development projects over the years.
  Recognizing the vital role his employees have played in the success 
of Krause Publications, upon his retirement as company president Chet 
sold 30 percent of his ownership back to the company to be given to 
employees as part of an employee stock ownership plan. Not only has the 
plan allowed Krause workers to have an interest in the company's 
profitability, it has worked to ensure the company's continued 
viability in the village of Iola.
  Chet has served as a village trustee and as member of the Waupaca 
County Selective Service Board. He is a combat veteran of World War II 
and is active in organizing reunions for his batallion. Still an 
inveterate collector, Chet has a growing collection of World War II 
military equipment.
  On the national scene, Chet has played a crucial role in the 
development of public policy relating to the minting and sale of 
commemorative coins. I was privileged to work with him and his 
company's personnel in 1982 when they directed my attention to a badly 
flawed House Banking Committee proposal which would have allowed a 
private firm to make windfall profits from the marketing of Olympic 
coins. Chet and his people were instrumental in providing me with the 
background information I needed to help derail this costly and 
misguided effort and replace it with an Olympic coin program that 
returned millions of dollars more to the U.S. Olympic Committee and 
served as the prototype for future Olympic coin programs.
  Over the years, Chet Krause has been an invaluable source of sound 
advice on legislation dealing with coinage and similar topics, and our 
country owes him a debt of gratitude for his participation in this 
arena of public policy. He has testified many times before 
congressional committees, beginning in 1967 with his successful effort 
to restore mint marks on U.S. coinage. In 1961, President Kennedy 
appointed him to serve on the Annual Assay Commission, and in 1977, he 
was awarded the American Numismatic Association's Farron Zerbe Award, 
the most prestigious honor bestowed by America's coin collecting 
community.
  I will be honored to join with the people of Iola this Memorial Day 
as we gather to express our thanks to Chet Krause for all his many 
contributions to the village of Iola, the State of Wisconsin and our 
country.

                          ____________________