Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1895-02-15

the masses of South Dakota people.
The house railroad committee is di-
vided upon the measure and since they
are divided and SO considerate the
house has passed a resolution calling
for their report by the 18th. It is
therefore said that the committee will
return the bill in few days without
recommendation, thus transferring the
fight to the floor of the house. Repre-
sentative Dickover, chairman of the
railroad committee, has endeavored to
fairly treat the question, and have his
committee do full justice to
the bill before them, but it is
such voluminous thing and its
friends have occupied SO much of the
committees time in explaining it's
merits that no other railroad bills
could be considered, although the
chairman and others of the committee
are anxious to take up some measure
that will give the railroad commission
ers greater authority and be of benefit
to the people of the state generally,
regardless of any particular locality
or jobbers association. With this bill
out of the way, which we imagine it
will be soon after coming before the
whole body, some legislation should
and will be enacted.
State Treasurer Phillips has already
proven himself the right man in the
right place. Coming into the office
with an empty treasury staring him in
the face, and with investors everywhere
shocked at the boldness with which
the public funds of the state had been
stolen, it was critical time for a new
man to take hold and attempt to main
tain the credit of the state and secure
funds with which to redeem warrants
as they are presented. But with an
eye single to the welfare of the state
Mr.. Phillips first sought plan where
by the state might issue collateral of
some character without going contrary
to the constitution. He evolved the
plan of issuing anticipatory warrants
being warrants upon taxes assessed but
not yet collected which are to draw
seven per cent. interest. A bill was
accordingly drawn permitting such
issuance of warrants, which had the
favorable opinion of the supreme court
of the state, and it has been enacted
into law. In the meantime Mr.. Phil.
lips placed himself in communication
with great many large investors and
capitalists throughout the country,
explaining the security that the state
had to offer and the absolute sound
ness of all financial obligations that
the state might make. So clearly were
the facts set forth that within few
days he began to receive kilograms and
letters by the hundreds asking for
more complete information. AS re-
suit on Monday he received quite a
large sum to invest in these warrants,
thus enabling Treasurer Phillips to
take up, at par, all warrants that had
been issued by the state up to Feb. 2,
and running the price up from ninety
five to ninety y-nine cents in the local
market He is confident that other
firms with which he is in communi-
cation will have funds here in few
days to secure more of the anticipatory
warrants, thus placing cash in the
treasury with which to pay off the
general fund warrants as they are pre-
sented. Thus has Mr.. Phillips exhibit.
ed his shrewd capability for the
position to which he has been chosen,
and not only honored the state, but
the Black Hills section, which is proud
to be credited by being thus repre-
sented upon the state officiary,