Statement by the President Upon Signing Bills Authorizing Sale of Surplus Bismuth, Molybdenum, and Rare Earths.

I HAVE SIGNED three bills which represent economy in government and the wise management of our resources.

These measures authorize the sale of surplus materials--bismuth, molybdenum, and rare earths--no longer needed in our national stockpiles.

They can be released from the bins in which they lie idle, into the stream of commerce. Factories and mills across the Nation will be able to use these materials in the production of steel, glass, and drugs.

They will also go into the manufacture of armor-plate and electronic equipment, to help supply our troops in Vietnam.

The Government has invested over $32 million in these materials. Now this sum can be returned to the Treasury--an important saving to the American taxpayer.

While I am pleased to sign these three bills, I must emphasize that Congress has only begun the vital work of moving surplus materials from stockpile to production line.

Six stockpile measures still remain before the Congress. They cover materials valued at $115 million.

These materials are no longer needed by the Government. They are surplus. They should be put to productive use. To hold them is wasteful. By their sale, everyone benefits--the Government, the economy, and the American taxpayer.

The 89th Congress enacted 38 separate stockpile bills, returning $1.8 billion to the United States Treasury.

Now, when the need for prudence and frugality in government has never been greater, I urge this Congress to seize the opportunity that awaits it.