The Hot Springs star. (Hot Spings [Hot Springs], Dakota [Dakota Territory, i.e. S.D.]) 1886-189?, 1891-10-09
Col. JOiiey's Record.

seems to give general satisfaction.
Col. Joliey's Record.
Sioux City Journal: John l.. Jolley
republican nominee for congress from
South Dakota, is a native Of Canada,
having been born at Montreal July IA,
1910. While a boy he learned the
trade of a harness maker. In 1856 he
settled in Wisconsin and during the
civil war served three wears with the
Odd Wisconsin volunteers. In 1866 he
came to Vermiliion, where he has since
resided. His first winter here he
tau ght school in a log school house
the first pubic school in the territory.
In 1874 he married Miss Grange, and
three children i the result Of the
union. Col. Jolley served two terms
in the lower house of the territorial
counc il, in 1S67-6S and 1S6S-69. He
was twice a member of the territorial
council. in 1875 and 1881. In 1884 he
was a delegate to the national republi-
can convention at Chicago. He has
been a member Of the senate in both
sessions under statehood, and was a
member Of the conventions which
framed tho state constitution.
The independents are and have al.
ways been making a fight on ma
tional banks and the law authorizing
national banks. They assert that i. is
a law passed in the interests of the
banker and giving him special privi-
leges. That the banker bond holder gets
double interest on his money and one
interest on his money another
on his circulation, which in fact
is true. But this is only a half truth
and is not a fair presentation of the
case. The national bank issue is about
one fifth of the total circulation of the
country and, were that entirely
called in, it would seriously decrease
the circulation. Let us for one NOM
cnt look at the matter clearly and see
whether having Il circulation of their
own IS such 4 BONANZA for the national
banker. The smallest amount Of bonds
a national bank can hold as security
for circulation is $4,000. These
bonds are in the hands OF holders and
must be purchased. Their market
price has been until recently about 81
per cent premium which makes the
first cost OF the bonds 81 $500. This
fifteen Thousand five hundred dollars
it loaned at the rate it could easily be
loaned Al here az per cent? would
bring an income OF 81 $50 yearly. On
the $4,000 of bonds $i1,225O in circu-
lation can be issued Of this
Sll,250. FIVE per cent must he kept as a
redemption fund on deposit at Wash
ington, which will leave of actual
available funds from a $i5,50O invest
ment, slo,Go7.5o. Computing interest
on this sun at II per cent. we have
$l,2S2.50 yearly. Interest on the
bonds at a per cent. is S562.50 per
year. Which will make a total income
from the investment of S1,s45. On
circulation the government levies a
one per cent tax which is Sl12.5O
per year. Subtracting this we have ST.
49,. sc. The income from the circulation
Of a national bank with $4,000 bonds
as a basis against Sls60 as the result of
privately loaning the money necessary
to buy the bonds. Ii there he added to
the loss the premium on bonds it will
be seen that it amounts to con-
siderable. Where now is the grounds
for the howl against the national
banker and the government policy Of
allowing banks a circulation of its
own. There was 4 time when govern
ment bonds drew a greater rate of IN
terest and die not command such a
premium that there was profit
but that time has gone by. The fact
is that the circulation of tho national
bank is not so much a source of profit
to the banker as it is a convenience
and benefit to the people, and so want
ing in profit to bankers is it that many
with characteristic s~elfishness are re-
ducing their circulation to the lowest
possible limits.
Deadwood Times: John NJ. Thomas
steam thresher, while engaged below
Spearfish upon the ranch of M. G. Ton
ran through the cylinder a %bayonet, the
fragments being Of the stereotyped tri.
angular shape. but Walk-a-Heap, who
lost it., is of course unknown. AS all
the troops operating in this region
since the settlement of the country
have been cavalry, it is conjectured
that an intan try column must have
passed through the valley before the
advance of the pale face.
Three tin cups for five cents, we saw
advertised recently. If the Mckinley
bill had not raised the price Of tin, five
cents worth of tin cups would have
been a burden to a a Bless the