Holaday was elected as a Republican to the Sixty-eighth and to the four succeeding Congresses (March 4, 1923 – March 3, 1933). He was an unsuccessful candidate for reelection in 1932 to the Seventy-third Congress, after which he resumed the practice of Law in Danville.
Holaday died in Georgetown, Illinois on January 29, 1946. He was interred in Georgetown Cemetery.