II

104TH CONGRESS

1ST SESSION S. 837

To require the Secretary of the Treasury to mint coins in commemoration

of the 250th anniversary of the birth of James Madison.

IN THE SENATE OF THE UNITED STATES

MAY 19 (legislative day, MAY 15), 1995

Mr. WARNER (for himself and Mr. ROBB) introduced the following bill; which

was read twice and referred to the Committee on Banking, Housing, and

Urban Affairs

A BILL

To require the Secretary of the Treasury to mint coins

in commemoration of the 250th anniversary of the birth

of James Madison.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘James Madison

5 Commemorative Coin Act’’.

6 SEC. 2. COIN SPECIFICATIONS.

7 (a) $1 SILVER COINS.—In commemoration of the

8 250th anniversary of the birth of James Madison, the Sec9 retary of the Treasury (hereafter in this Act referred to
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1 as the ‘‘Secretary’’) shall mint and issue not more than

2 800,000 1 dollar coins, which shall—

3 (1) weigh 26.73 grams;

4 (2) have a diameter of 1.500 inches; and

5 (3) contain 90 percent silver and 10 percent

6 copper.

7 (b) LEGAL TENDER.—The coins minted under this

8 Act shall be legal tender, as provided in section 5103 of

9 title 31, United States Code.

10 (c) NUMISMATIC ITEMS.—For purposes of section

11 5134 of title 31, United States Code, all coins minted

12 under this Act shall be considered to be numismatic items.

13 SEC. 3. SOURCES OF BULLION.

14 The Secretary shall obtain silver for minting coins

15 under this Act only from stockpiles established under the

16 Strategic and Critical Materials Stock Piling Act.

17 SEC. 4. DESIGN OF COINS.

18 (a) DESIGN REQUIREMENTS.—

19 (1) IN GENERAL.—The design of the coins

20 minted under this Act shall be emblematic of the

21 250th anniversary of the birth of James Madison

22 and the life and achievements of the fourth Presi23 dent of the United States.

24 (2) DESIGNATION AND INSCRIPTIONS.—On

25 each coin minted under this Act there shall be—
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1 (A) a designation of the value of the coin;

2 (B) an inscription of the year ‘‘2001’’; and

3 (C) inscriptions of the words ‘‘Liberty’’,

4 ‘‘In God We Trust’’, ‘‘United States of Amer5 ica’’, and ‘‘E Pluribus Unum’’.

6 (b) SELECTION.—The design for the coins minted

7 under this Act shall be—

8 (1) selected by the Secretary after consultation

9 with the executive director of Montpelier, the Na10 tional Trust for Historic Preservation, and the Com11 mission of Fine Arts; and

12 (2) reviewed by the Citizens Commemorative

13 Coin Advisory Committee.

14 SEC. 5. ISSUANCE OF COINS.

15 (a) QUALITY OF COINS.—Coins minted under this

16 Act shall be issued in uncirculated and proof qualities.

17 (b) MINT FACILITY.—Only 1 facility of the United

18 States Mint may be used to strike any particular quality

19 of the coins minted under this Act.

20 (c) COMMENCEMENT OF ISSUANCE.—The Secretary

21 may issue coins minted under this Act beginning January

22 1, 2001.

23 (d) TERMINATION OF MINTING AUTHORITY.—No

24 coins may be minted under this Act after December 31,

25 2001.
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1 SEC. 6. SALE OF COINS.

2 (a) SALE PRICE.—The coins issued under this Act

3 shall be sold by the Secretary at a price equal to the sum

4 of—

5 (1) the face value of the coins;

6 (2) the surcharge provided in subsection (d)

7 with respect to such coins; and

8 (3) the cost of designing and issuing the coins

9 (including labor, materials, dies, use of machinery,

10 overhead expenses, marketing, and shipping).

11 (b) BULK SALES.—The Secretary shall make bulk

12 sales of the coins issued under this Act at a reasonable

13 discount.

14 (c) PREPAID ORDERS.—

15 (1) IN GENERAL.—The Secretary shall accept

16 prepaid orders for the coins minted under this Act

17 before the issuance of such coins.

18 (2) DISCOUNT.—Sale prices with respect to pre19 paid orders under paragraph (1) shall be at a rea20 sonable discount.

21 (d) SURCHARGES.—All sales shall include a sur22 charge of $10 per coin.

23 SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULA24 TIONS.

25 (a) IN GENERAL.—Except as provided in subsection

26 (b), no provision of law governing procurement or public
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1 contracts shall be applicable to the procurement of goods

2 and services necessary for carrying out the provisions of

3 this Act.

4 (b) EQUAL EMPLOYMENT OPPORTUNITY.—Sub5 section (a) shall not relieve any person entering into a con6 tract under the authority of this Act from complying with

7 any law relating to equal employment opportunity.

8 SEC. 8. DISTRIBUTION OF SURCHARGES.

9 (a) IN GENERAL.—All surcharges received by the

10 Secretary from the sale of coins issued under this Act shall

11 be promptly paid by the Secretary to the National Trust

12 for Historic Preservation in the United States (hereafter

13 in this Act referred to as the ‘‘National Trust’’) to be

14 used—

15 (1) to establish an endowment to be a perma16 nent source of support for Montpelier, the life-long

17 home of James Madison and a museum property of

18 the National Trust; and

19 (2) to fund capital restoration projects at Mont20 pelier.

21 (b) AUDITS.—The Comptroller General of the United

22 States shall have the right to examine such books, records,

23 documents, and other data of the National Trust and

24 Montpelier as may be related to the expenditures of

25 amounts paid under subsection (a).
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1 SEC. 9. FINANCIAL ASSURANCES.

2 (a) NO NET COST TO THE GOVERNMENT.—The Sec3 retary shall take such actions as may be necessary to en4 sure that minting and issuing coins under this Act will

5 not result in any net cost to the United States Govern6 ment.

7 (b) PAYMENT FOR COINS.—A coin shall not be issued

8 under this Act unless the Secretary has received—

9 (1) full payment for the coin;

10 (2) security satisfactory to the Secretary to in11 demnify the United States for full payment; or

12 (3) a guarantee of full payment satisfactory to

13 the Secretary from a depository institution whose

14 deposits are insured by the Federal Deposit Insur15 ance Corporation or the National Credit Union Ad16 ministration Board.

Æ