[Congressional Record Volume 148, Number 73 (Thursday, June 6, 2002)]
[Senate]
[Page S5208]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REID (for himself, Mr. Crapo, Mr. Ensign, Mr. Bennett, Mr. 
        Allard, and Mr. Craig):
  S. 2594. A bill to authorize the Secretary of the Treasury to 
purchase silver on the open market when the silver stockpile is 
depleted, to be used to mint coins; to the Committee on Banking, 
Housing, and Urban Affairs.
  Mr. REID. Mr. President, I rise today to introduce the Support of 
American Eagle Silver Bullion Program Act. The American Eagle Silver 
Bullion Program was originally created in 1985 to provide a vehicle for 
investors who wish to invest in silver, and to deplete the Defense 
Logistics Agency's Strategic and Critical Materials Stockpile. As many 
investors in silver bullion know, since its inception, the American 
Eagle Silver Bullion Coin Program has grown to become the largest and 
most successful coin program in the United States, generating millions 
of dollars in revenue each year. In fact, between 1995 and 2001, the 
American Eagle Silver Coin program has generated revenues of over $264 
million, much of which has been used to pay down the national debt.
  Ironically, the success of this program threatens its future, because 
it has also fulfilled its secondary purpose, depleting the Strategic 
and Critical Materials Stockpile. The authorizing language for the 
American Eagle Silver Bullion Program mandates that silver to mint the 
coins may only be drawn from the stockpile. Legislation is needed to 
allow the program, which is so beneficial to both investors and the 
government, to continue.
  The Support of American Eagle Silver Bullion Program Act will allow 
the U.S. Mint to continue the American Eagle Silver Bullion Program by 
authorizing them to purchase silver on the open market. Given the dual 
purposes of the program's birth, it is only fitting that its rebirth 
will also have two results. Not only will the program be able to 
continue to serve the needs of investors and the government, it will 
also provide a needed boost to the nation's silver mining industry. It 
is estimated that the Mint will purchase approximately 9 million ounces 
of silver per year for the American Eagle Silver Bullion Program. As 
the largest silver producing state in the nation, representing 
approximately 34 percent of the United States' silver production, 
Nevada will lead the other 12 silver producing states in supplying this 
successful program.
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