[Congressional Record Volume 148, Number 76 (Tuesday, June 11, 2002)]
[Senate]
[Page S5360]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          SUPPORT OF AMERICAN SILVER EAGLE BULLION PROGRAM ACT

  Mr. CRAPO. Mr. President, last week I introduced with my colleague 
from Nevada, Senator Reid, the Support of American Silver Eagle Bullion 
Program Act. This legislation will preserve our most successful silver 
coin program, the American Silver Eagle Bullion Program.
  From the inception of the program, the Silver Eagle coin has been the 
domestic and global market share leader in commemorative coin programs. 
It is also the largest of the United States Mint's silver coin 
programs. From Fiscal Year 1995-2001, the program has generated 
revenues of more than $264 million. Profits from this program 
ultimately go into the Treasury General Fund, which reduces the 
government's debt.
  Since 1986, the Mint, through interagency agreements with the Defense 
Logistics Agency, has been using the Strategic and Critical Materials 
Stockpile as a source of silver from the American Eagle Silver Bullion 
Program. The use of the Stockpile silver is a result of legislative 
mandates. This stockpile of silver, which had a beginning balance of 
137.5 million ounces, is rapidly being depleted. At the current rate of 
depletion, the silver will be depleted in approximately two months.
  With the depletion of silver reserves in the Defense Logistics Agency 
Stockpile, it has become necessary for the Department of the Treasury 
to acquire silver from other sources in order to continue the Silver 
Eagle Program. This bill adds a stockpile depletion contingency 
provision to the United States Code that allows the Secretary of the 
Treasury to obtain silver from other available sources, while not 
paying more than the average world price.
  I rise today to introduce this legislation because it is vital to the 
economy in my home State of Idaho. The mines of the Silver Valley in 
North Idaho produce more than $70 million of silver per year, along 
with employing over 3,000 Idahoans and contributing more than $900 
million to the overall Idaho economy.
  Moreover, I am proud to recognize that the blanks used by the United 
States mint in their American Eagle Silver Bullion Program are produced 
by Sunshine Minting, Inc., in Coeur d'Alene, ID. Approximately 60 
people at Sunshine Minting work directly on the U.S. Mint Silver Eagle 
Program.
  Idaho's mining sector is a critical component of our national 
economy, and this bill makes certain that we preserve the Silver Eagle 
program and keep valuable mining jobs in Idaho and other silver mining 
states. It is my hope that the Senate will move expeditiously to 
consider and pass this legislation before the stockpile is deleted.

                          ____________________