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Rep. Michael Castle's proposal to mint quarters honoring the 50
states is picking up steam. It won the crucial, if reluctant, support Friday
of Treasury Secretary Robert Rubin.
Congress still must pass legislation, but already there's talk in Illinois of
putting Chicago Bulls star Michael Jordan on the back of the two-bits, opposite
George Washington. The Chicago Tribune speculated on its front page about immortalizing
the basketball hero in coin.
But tradition-minded West Virginia legislators prefer their state seal on their
quarter.
``I can't think of anything else you would look at immediately and think
of West Virginia,'' said Bob Kiss, speaker of the House. ``I'm sure
we'll spend weeks debating it.''
New York assemblyman Jack McEneny, a historian, said state seals would make
quarters look too much like state coinage. He favors the Statue of Liberty or
Niagara Falls for New York. ``You'd have to use something symbolic,''
he said.
Whatever Wisconsin chooses, it won't be a cow, said state Rep. Marlin Schneider.
``I think we've milked that for all it's worth,'' he said.
In a letter to Castle, R-Del., Rubin said he wants a design process that ``will
ensure that no frivolous or inappropriate designs are adopted.'' Two existing
federal panels - the Citizens Commemorative Coin Advisory Committee and the
Fine Arts Commission - would review designs submitted by state officials. The
Treasury secretary would have the final say.
Castle, chairman of the House Banking monetary policy subcommittee, is promising
to speed legislation to President Clinton's desk as soon as Congress returns
from its summer recess in September.
He proposes that the U.S. Mint issue five new quarters a year, starting in 1999.
Designs commemorating states would replace the American eagle on the reverse.
Washington would remain on the front. The quarters would be the same size and
weight and would work in vending machines. They'd be educational, Castle said.
``When you get change at toll gates, kids will scramble to look at the
coins. For $12.50 they can collect them all. You're going to teach kids something
about history,'' he said.
He's already secured the backing of top GOP leaders, including House Speaker
Newt Gingrich, R-Ga., and House Majority Leader Dick Armey, R-Texas.
The Senate Banking Committee chairman, Sen. Alfonse D'Amato, R-N.Y., called
the idea brilliant. ``It will improve our economy and strengthen our
country by raising as much as $5 billion toward deficit reduction while at the
same time promoting state pride,'' D'Amato said.
A study commissioned by the Treasury Department found that the government would
earn between $2.6 billion and $5.1 billion because many people would save the
quarters, which cost the government only a few cents to make.
Rubin already is authorized by legislation enacted last October to mint the
quarters. But in a letter to Castle he asked lawmakers to decide after sorting
out the pros and cons.
``If Congress directs us to proceed with the 50 state commemorative
quarter program, the Department of the Treasury stands ready to implement it,''
he said.
Citing a study commissioned by his department, Rubin conceded that minting new
quarters ``has clear economic advantages,'' that ``there are
no logistical or manufacturing capacity problems'' and that public opinion polls
show ``a substantial degree of interest.''
``The dignified design of our coinage and currency is an important consideration,
and every citizen should be able to be proud that our money includes elements
symbolic of the basic principles of our nation,'' he said.
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