[Congressional Record Volume 144, Number 108 (Tuesday, August 4, 1998)]
[House]
[Pages H7071-H7072]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    LIBRARY OF CONGRESS BICENTENNIAL COMMEMORATIVE COIN ACT OF 1998

  Mr. CASTLE. Madam Speaker, I move to suspend the rules and pass the 
bill (H.R. 3790) to require the Secretary of the Treasury to mint coins 
in commemoration of the bicentennial of the Library of Congress
  The Clerk read as follows:

                               H.R. 3790

       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 ``Library of Congress 
     Bicentennial Commemorative Coin Act of 1998''.

     SEC. 2. COIN SPECIFICATIONS.

       (a) Denominations.--The Secretary of the Treasury 
     (hereafter in this Act referred to as the ``Secretary'') 
     shall mint and issue the following coins:
       (1) $5 gold coins.--Not more than 100,000 $5 coins, which 
     shall--
       (A) weigh 8.359 grams;
       (B) have a diameter of 0.850 inches; and
       (C) contain 90 percent gold and 10 percent alloy.
       (2) $1 silver coins.--Not more than 500,000 $1 coins, 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.

[[Page H7072]]

       (b) Bimetallic Coins.--The Secretary may mint and issue not 
     more than 200,000 $10 bimetallic coins of gold and platinum 
     instead of the gold coins required under subsection (a)(1) in 
     accordance with such specifications as the Secretary 
     determines to be appropriate.
       (c) Legal Tender.--The coins minted under this Act shall be 
     legal tender, as provided in section 5103 of title 31, United 
     States Code.

     SEC. 3. SOURCES OF BULLION.

       (a) Platinum and Gold.--The Secretary shall obtain platinum 
     and gold for minting coins under this Act from available 
     sources.
       (b) Silver.--The Secretary may obtain silver for minting 
     coins under this Act from stockpiles established under the 
     Strategic and Critical Materials Stock Piling Act and from 
     other available sources.

     SEC. 4. DESIGN OF COINS.

       (a) Design Requirements.--
       (1) In general.--The design of the coins minted under this 
     Act shall be emblematic of the Library of Congress.
       (2) Designation and inscriptions.--On each coin minted 
     under this Act there shall be--
       (A) a designation of the value of the coin;
       (B) an inscription of the year ``2000''; and
       (C) inscriptions of the words ``Liberty'', ``In God We 
     Trust'', ``United States of America'', and ``E Pluribus 
     Unum''.
       (b) Selection.--The design for the coins minted under this 
     Act shall be--
       (1) selected by the Secretary after consultation with the 
     Library of Congress and the Commission of Fine Arts; and
       (2) reviewed by the Citizens Commemorative Coin Advisory 
     Committee.

     SEC. 5. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this Act 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 combination of 
     denomination and quality of the coins minted under this Act.
       (c) Period for Issuance.--The Secretary may issue coins 
     minted under this Act only during the period beginning on 
     January 1, 2000, and ending on December 31, 2000.
       (d) Promotion Consultation.--The Secretary shall--
       (1) consult with the Library of Congress in order to 
     establish a role for the Library of Congress in the 
     promotion, advertising, and marketing of the coins minted 
     under this Act; and
       (2) if the Secretary determines that such action would be 
     beneficial to the sale of coins minted under this Act, enter 
     into a contract with the Library of Congress to carry out the 
     role established under paragraph (1).

     SEC. 6. SALE OF COINS.

       (a) Sale Price.--The coins issued under this Act 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 Act at a reasonable discount.
       (c) Prepaid Orders.--
       (1) In general.--The Secretary shall accept prepaid orders 
     for the coins minted under this Act 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 shall include a surcharge 
     established by the Secretary, in an amount equal to not more 
     than--
       (1) $50 per coin for the $10 coin or $35 per coin for the 
     $5 coin; and
       (2) $5 per coin for the $1 coin.

     SEC. 7. DISTRIBUTION OF SURCHARGES.

       All surcharges received by the Secretary from the sale of 
     coins issued under this Act shall be paid by the Secretary to 
     the Library of Congress Trust Fund Board in accordance with 
     section 5134(f) of title 31, United States Code (as added by 
     section 529(b)(2) of the Treasury, Postal Service, and 
     General Government Appropriations Act, 1997), to be used for 
     the purpose of supporting bicentennial programs, educational 
     outreach activities (including schools and libraries), and 
     other activities of the Library of Congress.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Delaware (Mr. Castle) and the gentleman from Connecticut (Mr. 
Gejdenson) each will control 20 minutes.
  The Chair recognizes the gentleman from Delaware (Mr. Castle).
  Mr. CASTLE. Madam Speaker, I yield myself such time as I may consume.
  I rise in support of H.R. 3790, the Library of Congress Bicentennial 
Commemorative Coin Act of 1998. Aside from commemorating a very worthy 
institution on the celebration of its bicentennial in the year 2000, 
this bill conforms in all aspects to the coin reform legislation that 
we have passed in this Congress and the last. It also promises to be of 
great numismatic interest because it permits the minting of the first 
bimetallic coins in this Nation's history, combining gold and platinum.
  This commemorative has already been approved by the Citizens 
Commemorative Coin Advisory Committee, as required under our coin 
reform legislation passed this Congress and the last. It also meets 
other strictures of those reforms, including mintage limits and 
retention of surcharge payments until all the Government's costs are 
recovered from the program.
  I would also add that the gentleman from California (Mr. Thomas) has 
been extremely energetic in obtaining 299 cosponsors, we need 290, in 
near record time.
  I urge the immediate adoption of H.R. 3790.
  Madam Speaker, I reserve the balance of my time.
  Mr. GEJDENSON. Madam Speaker, I yield myself such time as I may 
consume.
  I would like to join my colleague in support of the legislation and 
to spend just one moment trying to get across how important this 
legislation is.
  It is not simply a coin that rightfully commemorates the history of 
this great institution, the Library of Congress. It is not just 
something that is going to make money and pay for some of its 
operations. It will indeed, for the first time, put something I think 
that every American ought to have access to, and that is the 
information at the Library of Congress. The digitizing of the Library's 
resources really changes who gets to access this information.
  I grew up in a small town. Oftentimes if we lived in a small town, we 
did not have access to the latest information, to the great depth of 
information that is needed, intellectual curiosity cut off by the lack 
of a library.
  Well, today we have got the Internet. And while it has some great 
things on it, it has got an awful lot of junk. This is going to put 
some high-quality information for people to access. It will pay for it 
without raising additional revenues through the general treasury.
  The funds that are necessary to this run out very shortly. Passing 
this is an important step to fund the digitizing of the information of 
the Library of Congress. It will be one of the best things we do for 
the American people
  Madam Speaker, I reserve the balance of my time.
  Mr. CASTLE. Madam Speaker, I thank the gentleman from Connecticut 
(Mr. Gejdenson) for his kind words.
  Mr. GEJDENSON. Madam Speaker, I yield back the balance of my time.
  Mr. CASTLE. Madam Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Delaware (Mr. Castle) that the House suspend the rules 
and pass the bill, H.R. 3790.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the bill was passed.
  A motion to reconsider was laid on the table.

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