ominous threat of a constant oscillation between economic tyranny and economic chaos. Our industrial, and therefore our social, future as a Nation depends upon settling aright this urgent question. The Constitution is unchanged and unchangeable save by amendment in due form. But the conditions to which it is to be applied have undergone a change which is almost a transformation, with the result that many subjects formerly under the control of the States have come under the control of the Nation. As one of the justices of the Supreme Court has recently said: “The growth of national powers, under our Constitution, which marks merely the great outlines and designates only the great objects of national concern, is to be compared to the growth of a country not by the geographical enlargement of its boundaries, but by the increase of its population.” A hundred years ago there was, except the commerce which crawled along our seacoast or up and down our interior waterways, practically no interstate commerce. Now, by the railroad, the mails, the telegraph, and the telephone an immense part of our commerce is interstate. By the transformation it has escaped from the power of the State and come under the power of the Nation. Therefore there has been a great practical change in the exercise of the National power, under the acts of Congress, over interstate commerce; while on the other hand there has been no noticeable change in the exercise of the National power “to regulate commerce with foreign nations and with the Indian tribes.” The change as regards interstate commerce has been, not in the Constitution, but in the business of the people to which it is to be applied. Our economic and social future depends in very large part upon how the interstate commerce power of the Nation is interpreted. I believe that the Nation has the whole governmental power over interstate commerce and the widest discretion in dealing with that subject; of course under the express limits prescribed in the Constitution for the exercise of all powers, such for instance as the condition that “due process of law” shall not be denied. The Nation has no direct power over purely intrastate commerce, even where it is conducted by the same agencies which conduct interstate commerce. The courts must determine what is national and what is State commerce. The same reasoning which sustained the power of Congress to incorporate the United States Bank tends to sustain the power to incorporate an interstate railroad, or any other corporation conducting an interstate business.