[Congressional Record Volume 143, Number 17 (Tuesday, February 11, 1997)]
[Senate]
[Pages S1232-S1233]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. LAUTENBERG (for himself, Mr. DeWine, Mr. Levin, Mr. 
        Inouye, Mr. Coverdell, and Mr. Abraham):
  S. 299. A bill to require the Secretary of the Treasury to mint coins 
in commemoration of the sesquicentennial of the birth of Thomas Alva 
Edison, to redesign the half dollar circulating coin for 1997 to 
commemorate Thomas Edison, and for other purposes; to the Committee on 
Banking, Housing, and Urban Affairs.


     THE THOMAS ALVA EDISON SESQUICENTENNIAL COMMEMORATIVE COIN ACT

  Mr. LAUTENBERG. Mr. President, I rise on behalf of Senators DeWine, 
Levin, Inouye, Coverdell, Abraham, and myself, to introduce legislation 
that would direct the Secretary of the Treasury to mint coins 
commemorating the 150th anniversary of Thomas Alva Edison's birth. The 
introduction of this legislation today, February 11, is significant 
because Thomas Edison was born 150 years ago.
  Mr. President, few Americans have had a greater impact on our Nation, 
and our world, than Thomas Edison. He produced more than 1,300 
inventions, including the incandescent light bulb, the alkaline 
battery, the phonograph, and motion pictures.
  In 1928, the Congress saw fit to award to Mr. Edison a Congressional 
Gold Medal ``for development and application of inventions that have 
revolutionized civilization in the last century.'' The legislation I am 
introducing today would once again honor one of the world's greatest 
inventors by issuing both commemorative and circulating coins with Mr. 
Edison's likeness.
  These coins not only would honor the memory of Thomas Edison, they 
would also raise revenue to support organizations that preserve his 
legacy. The two New Jersey Edison sites, the ``invention factory'' in 
West Orange and the Edison Memorial Tower in Edison, are both in need 
of repair. Irreplaceable records and priceless memorabilia are in 
danger of being destroyed because of moisture damage and structural 
problems. Each year, 9,000 young students visit the West Orange site to 
learn about the great inventor. Our legislation, at no cost to the 
Government, would provide the funds necessary to protect these and five 
other historical sites so that generations of schoolchildren can 
continue to visit them.
  Let me emphasize that this legislation would have no net cost to the 
Government. In fact, because circulating coins are a source of 
Government revenue known as seigniorage, this bill would reduce 
Government borrowing requirements, thereby lowering the annual interest 
payments on the national debt. An Edison commemorative coin program 
also has strong support among America's numismatists, whose interest is 
crucial to the success of any coin program.
  Mr. President, I introduced similar legislation at the end of the 
104th Congress. I introduce it again on the 150th birthday of this 
great American inventor with the anticipation that my colleagues will 
join me in honoring the memory of Thomas Alva Edison while providing 
sorely needed funds to important historical sites.
  I urge my colleagues to support this legislation and ask unanimous 
consent that a copy of the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 299

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Thomas Alva Edison 
     Sesquicentennial Commemorative Coin Act''.

     SEC. 2. FINDINGS.

       The Congress finds that--
       (1) Thomas Alva Edison, one of America's greatest 
     inventors, was born on February 11, 1847, in Milan, Ohio;
       (2) the inexhaustible energy and genius of Thomas A. Edison 
     produced more than 1,300 inventions in his lifetime, 
     including the incandescent light bulb and the phonograph;
       (3) in 1928, Thomas A. Edison received the Congressional 
     gold medal ``for development and application of inventions 
     that have revolutionized civilization in the last century''; 
     and
       (4) 1997 will mark the sesquicentennial of the birth of 
     Thomas A. Edison.
                      TITLE I--COMMEMORATIVE COINS

     SEC. 101. COIN SPECIFICATIONS.

       (a) Denominations.--In commemoration of the 
     sesquicentennial of the birth of Thomas A. Edison, the 
     Secretary of the Treasury (hereafter in this Act referred to 
     as the ``Secretary'') shall mint and issue--
       (1) not more than 350,000 $1 coins, each of which shall--
       (A) weigh 26.73 grams;
       (B) have a diameter of 1.500 inches; and
       (C) contain 90 percent silver and 10 percent copper; and
       (2) not more than 350,000 half dollar coins, each of which 
     shall--
       (A) weigh 12.50 grams;
       (B) have a diameter of 1.205 inches; and
       (C) contain 90 percent silver and 10 percent copper.
       (b) Legal Tender.--The coins minted under this title shall 
     be legal tender, as provided in section 5103 of title 31, 
     United States Code.

[[Page S1233]]

       (c) Numismatic Items.--For purposes of section 5134 of 
     title 31, United States Code, all coins minted under this 
     title shall be considered to be numismatic items.

     SEC. 102. SOURCES OF BULLION.

       The Secretary shall obtain silver for minting coins under 
     this title only from stockpiles established under the 
     Strategic and Critical Materials Stock Piling Act.

     SEC. 103. DESIGN OF COINS.

       (a) Design Requirements.--
       (1) In general.--The design of the coins minted under this 
     title shall be emblematic of the many inventions made by 
     Thomas A. Edison throughout his prolific life.
       (2) Designation and inscriptions.--On each coin minted 
     under this title there shall be--
       (A) a designation of the value of the coin;
       (B) an inscription of the years ``1847-1997''; and
       (C) inscriptions of the words ``Liberty'', ``In God We 
     Trust'', ``United States of America'', and ``E Pluribus 
     Unum''.
       (3) Obverse of coin.--The obverse of each coin minted under 
     this title shall bear the likeness of Thomas A. Edison.
       (b) Design Competition.--Before the end of the 3-month 
     period beginning on the date of enactment of this Act, the 
     Secretary shall conduct an open design competition for the 
     design of the obverse and the reverse of the coins minted 
     under this title.
       (c) Selection.--The design for the coins minted under this 
     title shall be--
       (1) selected by the Secretary after consultation with the 
     Commission of Fine Arts; and
       (2) reviewed by the Citizens Commemorative Coin Advisory 
     Committee.

     SEC. 104. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this title shall 
     be issued in uncirculated and proof qualities.
       (b) Mint Facility.--Only 1 facility of the United States 
     Mint may be used to strike any particular quality of the 
     coins minted under this title.
       (c) Commencement of Issuance.--The Secretary may issue 
     coins minted under this title beginning on and after the date 
     of enactment of this Act.
       (d) Termination of Minting Authority.--No coins may be 
     minted under this title after July 31, 1998.

     SEC. 105. SALE OF COINS.

       (a) Sale Price.--The coins issued under this title shall be 
     sold by the Secretary at a price equal to the sum of--
       (1) the face value of the coins;
       (2) the surcharge provided in subsection (d) with respect 
     to such coins; and
       (3) the cost of designing and issuing the coins (including 
     labor, materials, dies, use of machinery, overhead expenses, 
     marketing, and shipping).
       (b) Bulk Sales.--The Secretary shall make bulk sales of the 
     coins issued under this title at a reasonable discount.
       (c) Prepaid Orders.--
       (1) In general.--The Secretary shall accept prepaid orders 
     for the coins minted under this title before the issuance of 
     such coins.
       (2) Discount.--Sale prices with respect to prepaid orders 
     under paragraph (1) shall be at a reasonable discount.
       (d) Surcharges.--All sales of coins minted under this title 
     shall include a surcharge of--
       (1) $14 per coin for the $1 coin; and
       (2) $7 per coin for the half dollar coin.

     SEC. 106. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

       (a) In General.--Except as provided in subsection (b), no 
     provision of law governing procurement or public contracts 
     shall be applicable to the procurement of goods and services 
     necessary for carrying out this title.
       (b) Equal Employment Opportunity.--Subsection (a) shall not 
     relieve any person entering into a contract under the 
     authority of this title from complying with any law relating 
     to equal employment opportunity.

     SEC. 107. DISTRIBUTION OF SURCHARGES.

       (a) In General.--Subject to section 5134(f) of title 31, 
     United States Code, the first $7,000,000 of the surcharges 
     received by the Secretary from the sale of coins issued under 
     this title shall be promptly paid by the Secretary as 
     follows:
       (1) Museum of arts and history.--Up to \1/7\ to the Museum 
     of Arts and History, in the city of Port Huron, Michigan, for 
     the endowment and construction of a special museum on the 
     life of Thomas A. Edison in Port Huron.
       (2) Edison birthplace association.--Up to \1/7\ to the 
     Edison Birthplace Association, Incorporated, in Milan, Ohio, 
     to assist in the efforts of the association to raise an 
     endowment as a permanent source of support for the repair and 
     maintenance of the Thomas A. Edison birthplace, a national 
     historic landmark.
       (3) National park service.--Up to \1/7\ to the National 
     Park Service, for use in protecting, restoring, and 
     cataloguing historic documents and objects at the ``invention 
     factory'' of Thomas A. Edison in West Orange, New Jersey.
       (4) Edison plaza museum.--Up to \1/7\ to the Edison Plaza 
     Museum in Beaumont, Texas, for expanding educational programs 
     on Thomas A. Edison and for the repair and maintenance of the 
     museum.
       (5) Edison winter home and museum.--Up to \1/7\ to the 
     Edison Winter Home and Museum in Fort Myers, Florida, for 
     historic preservation, restoration, and maintenance of the 
     historic home and chemical laboratory of Thomas A. Edison.
       (6) Edison institute.--Up to \1/7\ to the Edison Institute, 
     otherwise known as ``Greenfield Village'', in Dearborn, 
     Michigan, for use in maintaining and expanding displays and 
     educational programs associated with Thomas A. Edison.
       (7) Edison memorial tower.--Up to \1/7\ to the Edison 
     Memorial Tower in Edison, New Jersey, for the preservation, 
     restoration, and expansion of the tower and museum.
       (b) Excess Payable to the National Numismatic Collection.--
     After payment of the amounts required under subsection (a), 
     the Secretary shall pay the remaining surcharges to the 
     National Museum of American History in Washington, D.C., for 
     the support of the National Numismatic Collection at the 
     museum.
       (c) Audits.--Each organization that receives any payment 
     from the Secretary under this section shall be subject to the 
     audit requirements of section 5134(f)(2) of title 31, United 
     States Code.

     SEC. 108. FINANCIAL ASSURANCES.

       (a) No Net Cost to the Government.--The Secretary shall 
     take such actions as may be necessary to ensure that minting 
     and issuing coins under this title will not result in any net 
     cost to the United States Government.
       (b) Payment for Coins.--A coin shall not be issued under 
     this title unless the Secretary has received--
       (1) full payment for the coin;
       (2) security satisfactory to the Secretary to indemnify the 
     United States for full payment; or
       (3) a guarantee of full payment satisfactory to the 
     Secretary from a depository institution whose deposits are 
     insured by the Federal Deposit Insurance Corporation or the 
     National Credit Union Administration Board.
                      TITLE II--CIRCULATING COINS

     SEC. 201. AUTHORITY TO REDESIGN HALF DOLLAR CIRCULATING 
                   COINS.

       Section 5112(d) of title 31, United States Code, is amended 
     by inserting after the 6th sentence the following: ``At the 
     discretion of the Secretary, half dollar coins minted after 
     December 31, 1996, and before July 31, 1998, may bear the 
     same design as the commemorative coins minted under title I 
     of the Thomas Alva Edison Sesquicentennial Commemorative Coin 
     Act, as established under section 103 of that Act.''.
                                 ______