Floor Statements

Mr. Speaker, I have serious concerns regarding the constant threat to Taiwan from missiles in China, and the signal that this military buildup sends to both the people of China and the people of Taiwan about the eventual peaceful resolution to the Taiwan dispute.

Currently, there are more than 400 Chinese missiles targeted on Taiwan, with fifty or more being added each year. Also, China has devised strategies to destroy Taiwan's political, communications, and production centers within days. What is even more menacing is that China has reiterated that it will use force against Taiwan if Taiwan refuses to accept China's ``one country, two systems'' unification formula.

I believe that China's intimidation of Taiwan questions its seriousness about being considered a major world power. China must not ignore Taiwan President Chen Shui-bian's repeated pleas for resumption of a cross-strait dialogue. If war breaks out in the Taiwan Strait, China, Taiwan and the rest of the countries in the Asian Pacific will all suffer irreparable economic and political damage.

We in the United States feel most strongly that a military clash in the Taiwan Strait must be avoided. I call upon the Chinese government to dismantle the hundreds of missiles targeting Taiwan and to embrace peace in managing its relations with Taiwan.

Mr. Speaker, I was very disheartened to learn about the failure last week of the United Nations sponsored peace talks regarding a just and lasting settlement in Cyprus. It is apparent that while the Greek-Cypriot people and their leaders are ready for a peaceful settlement to this longstanding problem, the Turkish-Cypriot leaders, and possibly the leaders of Turkey as well, are not committed to a peaceful settlement at this time.

The commitment of the United Nations Secretary General Kofi Annan to resolving the Cyprus dispute is notable, especially considering the impending crisis in Iraq. Mr. Annan, in good faith, presented a plan to both sides that required concessions from each party. Mr. Tassos Papadopoulos, the newly elected President of the Republic of Cyprus, was prepared to submit the United Nations plan to the Greek-Cypriots as a referendum, even though he was required to make unpopular concessions in order to achieve what was believed to be a workable plan.

Mr. Rauf Denktash, the leader of the Turkish-Cypriots, on the other hand, refused to submit the United Nations plan to the Turkish-Cypriots as a referendum. This is yet another case of the Greek-Cypriots negotiating in good faith, whereby they continue to demonstrate their dedication and commitment to a peaceful resolution to the division of Cyprus, and Mr. Denktash is not willing to negotiate.

In the United States, I believe that we must continue our efforts to improve the dialogue for the reunification of Cyprus. I strongly urge Mr. Denktash, and other Turkish leaders, to view this recent breakdown of talks as a lost opportunity that cannot occur again. I also urge the Administration to pressure Mr. Denktash and other Turkish leaders to re-evaluate their opposition to a unified Cyprus, especially in light of Turkey's desire to become a member of the European Union.

Mr. Speaker, the people of Cyprus deserve to have their voices heard about the future of their country and their people, and I sincerely hope that this will happen in the near future.

Mr. Speaker, I rise to offer my support for our troops and for this resolution.

First and foremost my heart and prayers are with the brave men and women of our Armed Forces who right now are engaged in a dangerous, but necessary war to rid the world of an evil dictator who threatens the world with his weapons of mass destruction. Our troops are courageously risking their lives for, not only the freedom and security of the people of the United States, but for the people of Iraq, and the entire world.

For 12 years, the United States and United Nations have called on Saddam Hussein to destroy his weapons of mass destruction. The U.N. passed 16 resolutions ordering him to do so. He has chosen not to comply. HIs history of using weapons of mass destruction, plus the likelihood that he could give these weapons of mass destruction to his agents in the U.S. or to terrorist organizations to use against Americans at home or abroad make him a clear and present danger to America.

The risks of this war are great, but the risks of not going to war to disarm Saddam Hussein now are far greater. With September 11 very much in my mind, I believe that our government must be proactive in protecting our people and our homeland.

I am mindful of, and have had extensive discussions with, the many people of good faith in my district who oppose taking action against Saddam Hussein at this point in time. I have great respect for them and for their strongly held views. But I hope that all Americans will join me today in supporting our troops as these brave young Americans place themselves in harm's way on behalf of our nation.

I pray for the safety of the brave men and women in our armed forces and for the innocent Iraqi people. I look forward to the elimination of Saddam's weapons of mass destruction and to the liberation of the Iraqi people from this murderous, sadistic dictator.

May God bless our troops and may God continue to bless the United States of America.

Mr. Speaker, I rise today to discuss S. 168, the San Francisco Old Mint Commemorative Coin Act, introduced by Senator Feinstein and Senator Boxer of California. The proposal would create commemorative coins to help pay for the restoration of the San Francisco Mint known widely as the ``Old Granite Lady.'' I commend Senators Feinstein and Boxer for undertaking this commendable effort.

The San Francisco Mint was in service from 1870 to 1937, survived the San Francisco earthquake of 1906, and was utilized until a few years ago as federal offices. Today, modern building codes require that it be reinforced before it can safely be used in an area that is still prone to earthquakes.

I recently read an article in the February 11, 2003 edition of the Numismatic News, which I ask to be placed in the Congressional Record following my remarks, written by Bergen County Freeholder and my hometown Fair Lawn, New Jersey Mayor David L. Ganz, proposing modifications to S. 168 to further stimulate interest on the issuance of this coin. His proposals are worthy of consideration. Specifically, Mayor Ganz proposes to have commemorative coinage re-issued using historic coin designs that were widely used in the 19th century, are associated with the San Francisco Mint, and which would offer to coin collectors the affordable opportunity to receive proof specimens--a means to boost sales, increase the surcharge that will be used to help restore the Mint, and provide an exciting collector's opportunity as well.

For example, coin collectors know the tale of the 1870 three dollar gold piece with the ``S'' for San Francisco Mint mark on the reverse. The coin is unique and was formerly in the Louis Eliasberg collection. It is valued in the millions. There are other proof or uncirculated three dollar gold pieces that are quoted in Numismedia, a coin pricing guide, that sell for thousands of dollars.

The 20-cent piece also has a long history associated with the San Francisco Mint, including the 1875-S coin produced more than a century ago. An uncirculated example of this coin would cost hundreds of dollars. The same is true for the Liberty head nickel and the Barber dime--where the 1894-S, one of only 24 specimens known, is a six-figure rarity and a regular design is hundreds of dollars in pristine, uncirculated condition.

Mr. Ganz calls for special collector coins not intended for circulation, but bearing original designs of a century ago utilizing a contemporary date. They would be produced in proof, as uncirculated pieces, and offered to collectors with a modest surcharge that could raise $123 million, if the coins sold out, to help restore the Old Granite Lady.

Mr. Ganz's comments merit consideration for many reasons, not the least of which is that he is a respected numismatist. A former member of the Citizens Commemorative Coin Advisory Committee, he is one of the people credited by former Mint director Philip Diehl as being the source and inspiration for America's state quarters--which have given $5 billion back to the American taxpayer. I have known Mayor Ganz for many years and believe that his ideas merit consideration, and I hope that

they may be incorporated into this meritorious effort to restore the San Francisco Mint.

[From the Numismatic News, Feb. 11, 2003]

San Francisco $3 Would Sell Better Than $5

(By David L. Ganz)

True to her word, Sen. Dianne Feinstein, D-Calif., for

herself and Sen. Barbara Boxer, D-Calif., introduced S. 168

on Jan. 15, a bill entitled the ``San Francisco Old Mint

Commemorative Coin Act,'' which is a traditional revenue-

raising measure containing a silver dollar and a half eagle

($5) gold piece.

Like many dozens of other bills proposed over the course of

the last decade that have been designed to raise funds for a

noble purpose, it follows a template that has been approved

by the Treasury, the Mint, Congress itself, and even the

Citizens Commemorative Coin Advisory Committee.

That means that the coins are legal tender; have moderately

low mintages of 100,000 for the gold coins and 500,000 for

the silver--sales for which will never be achieved--and

surcharges designed to raise in the aggregate $3.5 million if

the gold coins sold out, and another $5 million if the silver

dollar version hit it big, for a possible total of $8.5

million.

Unfortunately, it will do neither and will most likely have

disappointing sales in the 25,000-50,000 coin range for gold

and in the 100,000-250,000 range for the silver dollar, from

which the Mint will take expenses, leaving the San Francisco

Museum and Historical Society a giant goose egg to help pay

for the restoration of the Old Granite Lady.

Mint accounting is not for knaves. Neither is it in

accordance with what most would refer to as generally

accepted accounting principles. The result is that an

exorbitant amount of overhead is charged against

commemorative coin production--it's a legitimate way to look

at it, but on a per-coin basis adds absurd amounts to cost

that would otherwise never be tolerated for purposes of

analysis or compensation.

One need only look at several recent commemorative results

and fork-overs to see just how difficult the present system

is. That's problematical where, as here, the goal is to raise

funds to help restore the San Francisco Mint to the grandeur

of yesteryear, when it was the proudest building in the old

financial district of the downtown.

Just by simple example, on the population Buffalo nickel

silver dollar commemorative for the Smithsonian, budget

documents submitted show an initial $3 million loss. Congress

authorized 500,000 of those coins--and they sold out in two

weeks--yet in the budget scoring of Jan. 25, 2001 (before

sales began), the outflow was $3 million down. (There would

eventually be $13.9 million in gross sales registered in the

fourth quarter of 2001.)

The San Francisco ``S'' mintmark has had a special allure

for more than 130 years. To those who were collecting coins

earlier than 1955, when production was suspended, the ``S''

mintmarked coins traditionally had lower and hence scarcer

mintages--and higher values.

The Old Granite Lady, which functioned from 1870 to 1937--

and made it through the San Francisco earthquake of 1906

virtually unscathed--has a long history involving coinage,

which the legislation that Sen. Feinstein introduced

recites at least in part.

``The San Francisco Old Mint is famous for many rare,

legendary issues, such as the 1870-S $3 coin, which is valued

today at well over $1 million,'' the precatory portion of the

bill begins--and then goes nowhere else.

Commemorative coinage should serve a purpose, none of which

is essentially important for funding, all of which is

integral to the integrity of the coinage process, the history

of American money and telling the story of American

numismatics in its larger sense.

There's nothing magical about the template that is being

utilized right now to create commemorative coinage. In an

earlier time in its 1980s, a different model was utilized--

and I participated quite actively in seeing to it that that

model was not only broken, but for purpose. Significantly, I

suggested it should be done again.

In 1982, modern commemorative coin issues began anew with

the introduction of a silver commemorative for the 250th

anniversary of George Washington's birth. There was no

surcharge; there was no beneficiary. The coin was produced,

it was sold and there as great success: 2.2 million

uncirculated pieces were manufactured and 4.8 million proofs.

The Olympic program came and went, but in 1984-1985, the

Statute of Liberty centennial commission had its chance, and

I had the opportunity to consult with them. Lee Iacocca, that

colorful personality who was then the chairman of Chrysler

corporation headed the commission. Dr. Stephen Brigandi was

the executive director.

The mold in those days was a dollar coin or two, plus a

gold piece. The Olympics used a $10 gold peace to disastrous

results, in part because it contained nearly a half ounce of

gold (resulting in too high an issue price) and also because

when enough coins weren't sold, the Mint produced more,

adding mintmarks as the distinguishing factor.

Two suggestions came from me: first, change the

denomination of the gold coin to a $5 gold piece--to lower

the price substantially--and second, introduce a copper-

nickel half dollar that could be produced as a circulating

commemorative coin with an uncirculated and proof counterpart

sold at a very modest mark-up to collectors.

They didn't buy into the circulating commemorative

concept--it took a dozen more years before the state quarter

program that I similarly proposed became reality--but whether

to go with a copper nickel low-value, low-cost coin came down

to a question of how many might be sold, and what the

proceeds would be from the surcharge. After all, the Statue

of Liberty needed to be refurbished for its centennial.

I made a bet with Brigandi--$100 as I recall it, though

that's a lot for a guy who usually bets a cent or a nickel--

and I predicted that such a coin would sell into the millions

and be a true partner and participant in a three-coin

program.

Ultimately, it became the most successful non-circulating

legal tender coin in history, with more than 900,000 struck

in uncirculated and over 6.9 million as proofs. No other

coin, before or since, has come close.

Here's why: it was a different coin, different

denomination, unusual, modest in price and distinctive.

Collectors were encouraged to buy into a concept that played

right into what they do: collect.

Those of us who are even casual about our hobby know that

we collect after a particular fashion. Some will try to

obtain all silver dollars, others all issues. Still others go

for a type set. But when it comes to new and unusual or even

different, it affords a rare opportunity, which is something

that I think S. 168 simply misses.

It's not too late to change it; the bill has merely been

introduced and is months away from action in the Senate, no

less the House of Representatives.

Here's what I would do to change the focus of the bill, and

to simultaneously increase its chance for economic and

commercial success--and at the same time, offer a boost to

several different areas of the hobby.

Capitalize on the history of the Mint and the coins that

have come from it.

One obvious way of doing that is to create a new $3 gold

piece--a play on the 1870-S that is unique (formerly in the

Eliasberg collection)--which was produced in the very year

that the Old Granite Lady opened for business.

To buy any $3 gold piece today, be prepared to plunk down

thousands of dollars for an uncirculated specimen, and

multiples of that for a proof. For the Mint to begin a new

commemorative series--or even a single one-year San Francisco

Mint coin in that denomination--would be a boost to the

secondary market, a promotion for $3 gold pieces of other

dates and denominations, and produce the possibility of a

sellout success at levels far above 100,000 pieces.

Where a half eagle or $5 gold piece contains .2420 troy

ounces of gold, the $3 gold pieces of regulation weight is

.1452 troy ounces. At $360 an ounce (more or less current

prices), the hard cost changes from $87 in gold to $52.27.

Lower the gold content, lower the price. The surcharge

doesn't have to change. What does change is the number of

people making a purchase. That should go way up--just as it

did for the Statute of Liberty half dollar. Net result: more

surcharge for the Old Granite Lady's restoration.

On the same basis, I'd probably think about adding a minor

coin--such as the nickel--or a subsidiary coin such as the

dime to the mix. There's a long history there, too, for each.

The first ``S'' mint on a nickel was 1912. The ``S'' dime

could be the 1894-S Barber design--a powerbroker concept. But

what is key is that it is different, unusual and likely to

have high sales--even with a surcharge--if the price is

simply not made obscene.

A third (or fourth) choice: a 20-cent piece (the 1875-S was

struck there, of course)--and for all of the same reasoning.

Add these and watch orders and dollars come flying in.

Prediction if authorities follow my suggestions: a sellout.

Here's how to do it: substitute language for the existing

bill in the Senate, or introduce a new one in the House, and

go to town for the benefit of the Old Granite Lady--and give

the San Francisco Mint a new historic life on the centennial

of its survival of the San Francisco earthquake of 1906.

108th Congress, 1st Session

Mr. Speaker, I rise today on behalf of 10-year-old Whitney Weldon of Westfield, New Jersey. Whitney is a wonderful, happy, and active child who was diagnosed in April 2001 with a disease called Fibrodysplasia Ossificans Progressiva (FOP).

FOP is a rare genetic disorder in which bone forms in muscles, tendons, ligaments and other connective tissues forming a second skeleton that immobilizes the joints of the body. With so few people afflicted by the disease, there is little attention being paid to this illness.

For the past fifteen months, Gary Whyte, of Mountainside, New Jersey, has been going non-stop, doing everything he can, to raise awareness and help spread news about FOP through countless efforts speaking before clubs, churches, synagogues and organizations and hosting events to raise money for the Weldon FOP Research Fund.

Mr. Speaker, I stand before you on behalf of Whitney Weldon and the 200 other Americans suffering from FOP to praise the efforts of these dedicated people who are staging a campaign to increase awareness of and find a cure for a disease that few people know about. Gary has shown that education about FOP is the first step toward working to get a cure. Little by little, with more awareness comes more action.

Mr. Speaker, I wish to offer my strong support for the resolution.

As they have been since Saturday, my prayers and thoughts are with the families and friends of the seven space shuttle Columbia astronauts who lost their lives. Our Nation mourns with them and the people of Israel and India who each lost a native hero in this terrible disaster.

The tragedy that has befallen our Nation touches each and every American deeply and personally. Throughout our modern history, the NASA program and the astronauts who have courageously committed their lives to space exploration have represented the hope and promise of the future. In an endless universe with so many unknowns, these brave men and women are the ones who set out to find the answers that further the understanding of our existence and provide the keys to the technology of the future.

When that promise of our future is suddenly struck with great tragedy, we feel an emptiness deep within us. While we mourn, we must remember that space travel must go on and that we must continue to explore space in order to advance the causes and abilities of humankind.

As a Congressman, I have had the honor of personally getting to know a number of our NASA astronauts, having brought them to speak to students at several Bergen and Hudson County elementary and middle schools. As the astronauts made their presentations and discussed their experiences, I saw the eyes of the children light up with wonder, amazement, and admiration. Our astronauts, who are some of the brightest people on our planet, are heroes and as inspiration to all of us, and in particular to our children, who see the hope of a better tomorrow for themselves through the eyes of our space explorers.

As we try to find the answers behind this disaster, all Americans must unite and draw strength from one another in order to heal and move forward. May God bless our heroes who were lost as well as their families and loved ones, and may God bless America.