7794 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 April 26, 2005 What they found was that to be competitive Mr. TOM DAVIS of Virginia. Mr. its position as not only a necessary means of ex- in the world they needed to excel in tech- Speaker, I yield back the balance of change in commerce but also as an object of aes- nology and engineering, which is where we in my time. thetic beauty in its own right, it is appropriate the United States find ourselves to be lacking The SPEAKER pro tempore (Mr. to move many of the mottos and emblems, the inscription of the year, and the so-called ‘‘mint today. We need to follow the example of our BOOZMAN). The question is on the mo- marks’’ that currently appear on the 2 faces of Indian friends and the example we set in the tion offered by the gentleman from each circulating coin to the edge of the coin, 1960’s and create a national strategy to make Virginia (Mr. TOM DAVIS) that the which would allow larger and more dramatic the way we teach our children in the United House suspend the rules and agree to artwork on the coins reminiscent of the so-called States more focused on the math and the resolution, H. Res. 227. ‘‘Golden Age of Coinage’’ in the United States, sciences so we are not left behind. The question was taken; and (two- at the beginning of the Twentieth Century, ini- Instead of fearing India as an economic thirds having voted in favor thereof) tiated by President Theodore Roosevelt, with the competitor, we should be embracing India as the rules were suspended and the reso- assistance of noted sculptors and medallic art- an economic and political ally. The over 1 bil- lution was agreed to. ists James Earle Fraser and Augustus Saint- Gaudens. lion consumers in India and the market for A motion to reconsider was laid on (11) Placing inscriptions on the edge of coins, U.S. goods and services in India allows for un- the table. known as edge-incusing, is a hallmark of mod- precedented opportunities for American com- f ern coinage and is common in large-volume pro- panies, and job growth for Americans. duction of coinage elsewhere in the world, such I want to thank Mr. DAVIS for introducing this PRESIDENTIAL $1 COIN ACT OF as the 2,700,000,000 2-Euro coins in circulation, resolution and urge all my colleagues to sup- 2005 but it has not been done on a large scale in port it. Mr. CASTLE. Mr. Speaker, I move to United States coinage in recent years. Mr. MORAN of Virginia. Mr. Speaker, I am suspend the rules and pass the bill (12) Although the Congress has authorized the pleased to be a co-sponsor of H. Res. 227 to (H.R. 902) to improve circulation of the Secretary of the Treasury to issue gold coins honor all that Indian Americans have contrib- $1 coin, create a new bullion coin, and with a purity of 99.99 percent, the Secretary has not done so. uted to our country. Specifically, I would like to for other purposes, as amended. (13) Bullion coins are a valuable tool for the commend the graduates of the Indian Insti- The Clerk read as follows: investor and, in some cases, an important aspect tutes of Technology (IIT) for their economic in- H.R. 902 of coin collecting. novations and technological expertise. Be it enacted by the Senate and House of Rep- SEC. 102. PRESIDENTIAL $1 COIN PROGRAM. After India gained its independence and resentatives of the United States of America in Section 5112 of title 31, United States Code, is began its new life as a democratic nation, a Congress assembled, amended by inserting after subsection (m) the committee was formed to create institutes of SECTION 1. SHORT TITLE. following new subsection: higher education that would focus on tech- This Act may be cited as the ‘‘Presidential $1 ‘‘(n) REDESIGN AND ISSUANCE OF CIRCULATING nology to fuel the post-war industrial develop- Coin Act of 2005’’. $1 COINS HONORING EACH OF THE PRESIDENTS OF ment of India. After looking at the committee TITLE I—PRESIDENTIAL $1 COINS THE UNITED STATES.— ‘‘(1) REDESIGN BEGINNING IN 2007.— recommendations, the first Indian Institute of SEC. 101. FINDINGS. ‘‘(A) IN GENERAL.—Notwithstanding sub- Technology was created in May 1950. The The Congress finds as follows: section (d) and in accordance with the provi- campus was placed at the site of the Hijli De- (1) There are sectors of the United States economy, including public transportation, park- sions of this subsection, $1 coins issued during tention camp, which used to house young In- the period beginning January 1, 2007, and end- dian freedom fighters during the independence ing meters, vending machines and low-dollar value transactions, in which the use of a $1 coin ing upon the termination of the program under movement. is both useful and desirable for keeping costs paragraph (6) shall have designs on the obverse Since that time 6 more campuses have and prices down. selected in accordance with paragraph (2)(B) been formed throughout India. IIT offers un- (2) For a variety of reasons, the new $1 coin which are emblematic of the Presidents of the dergraduate and postgraduate degrees in introduced in 2000 has not been widely sought- United States and a design on the reverse se- more than 25 engineering, science, technology after by the public, leading to higher costs for lected in accordance with paragraph (2)(A). and management disciplines. Students are ad- merchants and thus higher prices for consumers. ‘‘(B) CONTINUITY PROVISION.—Notwith- standing subparagraph (A), the Secretary shall mitted after taking a national entrance exam (3) The success of the 50 States Commemora- tive Coin Program for circulating quarter dollars continue to mint and issue $1 coins which bear and the student body is a diverse mixture of the design on $1 coins being minted and issued socio-economic backgrounds, cultures, lan- shows that a design on a United States circu- lating coin that is regularly changed in a man- before the issuance of coins as required under guages, and religions. ner similar to the systematic change in designs this subsection. After graduating from IIT, alumni are able to in such Program radically increases demand for ‘‘(2) DESIGN REQUIREMENTS.—The $1 coins take the knowledge they gained and excel in the coin, rapidly pulling it through the econ- issued in accordance with paragraph (1)(A) technology and engineering sectors. Grad- omy. shall meet the following design requirements: uates are currently serving in senior positions (4) The 50 States Commemorative Coin Pro- ‘‘(A) COIN REVERSE.—The design on the re- at Citigroup and Sun Microsystems, among gram also has been an educational tool, teach- verse shall bear— other established and Fortune 500 companies. ing both Americans and visitors something ‘‘(i) a likeness of the Statue of Liberty extend- ing to the rim of the coin and large enough to They are also serving as Deans and Profes- about each State for which a quarter has been issued. provide a dramatic representation of Liberty sors at the best universities in the United (5) A national survey and study by the Gov- while not being large enough to create the im- States, including Harvard, MIT and Carnegie ernment Accountability Office has indicated pression of a ‘2-headed’ coin; Mellon. that many Americans who do not seek, or who ‘‘(ii) the inscription ‘$1’ ; and The United States economy has felt the im- reject, the new $1 coin for use in commerce ‘‘(iii) the inscription ‘United States of Amer- pact of IIT graduates. Over 25 percent of would actively seek the coin if an attractive, ica’. graduates since 1990 have been entre- educational rotating design were to be struck on ‘‘(B) COIN OBVERSE.—The design on the ob- preneurs and have started numerous compa- the coin. verse shall contain the name and likeness of a nies that have fueled job creation in their com- (6) The President is the leader of our tripartite President of the United States and basic infor- mation about the President, including the dates munities. IIT alumni are also performing cut- government and the President’s spouse has often set the social tone for the White House or years of the term of office of such President ting edge research that is needed by U.S. while spearheading and highlighting important and a number indicating the order of the period companies, and a great number have received issues for the country. of service in which the President served. patents for their innovations. (7) Sacagawea, as currently represented on ‘‘(C) EDGE-INCUSED INSCRIPTIONS.— The effect of Indian Institute of Technology the new $1 coin, is an important symbol of ‘‘(i) IN GENERAL.—The inscription of the year graduates is felt here in the United States and American history. of minting or issuance of the coin and the in- throughout the world. It is important that all (8) Many people cannot name all of the Presi- scriptions ‘E Pluribus Unum’ and ‘In God We Americans recognize the great impact Indian dents, and fewer can name the spouses, nor can Trust’ shall be edge-incused into the coin. ‘‘(ii) PRESERVATION OF DISTINCTIVE EDGE.— Americans and IIT graduates have had on our many people accurately place each President in the proper time period of American history. The edge-incusing of the inscriptions under society and economy. Without their knowl- (9) First Spouses have not generally been rec- clause (i) on coins issued under this subsection edge, skill, and drive to achieve, our economy ognized on American coinage.