underwriters argued january decided june rehearing denied see appeal district northern district georgia francis biddle atty appellant john cahill new york city dan macdougald atlanta appellees justice black delivered opinion years held whenever question presented commerce clause constitution deprive individual power regulate tax specific activities foreign insurance companies sell policies within territories state held power even though negotiation execution companies policy contracts involved communications information movements persons moneys papers across state lines one cases however involved act congress required decide issue whether commerce clause grants congress power regulate insurance transactions stretching across state lines today first time history issue squarely presented must decided underwriters association membership nearly private stock fire insurance companies indicted district alleged violations sherman act indictment alleges two conspiracies first violation act restrain interstate trade commerce fixing maintaining arbitrary premium rates fire specified insurance alabama florida georgia north carolina south carolina virginia second violation monopolize trade commerce lines insurance among indictment makes following charges member companies controlled per cent fire insurance lines sold stock fire insurance companies six conspiracies consummated conspiracies consisted continuing agreement concert action effectuated conspirators fixed premium rates agents commissions employed boycotts together types coercion intimidation force insurance companies conspiracies compel persons needed insurance buy members terms companies members cut opportunity reinsure risks services facilities disparaged independent sales agencies defiantly resented companies punished withdrawal right represent members persons needing insurance purchased companies threatened boycotts withdrawal patronage two conspiracies effectively policed inspection rating bureaus five six together local boards insurance agents certain cities six kind interference free play competitive forces appellees charged exactly type conduct sherman act outlawed american commerce among argued otherwise defense set forth demurrer required conform standards business conduct established sherman act business fire insurance commerce sustaining demurrer district held business insurance commerce either intrastate interstate interstate commerce interstate trade though might considered trade subject local laws either state federal commerce clause authority relied upon district opinion contain slightest intimation indictment held defective theory charged appellees restraining monopolizing nothing making local contracts even demurrer ground district treated indictment charging illegal restraints trade total complained constituting business insurance supp great detail indictment set total activities actual making contracts part recognized district insurance business described indictment included execution insurance contracts also negotiations events prior execution contracts innumerable transactions necessary performance contracts alleged transactions shall hereafter point constituted single continuous chain events many multistate character none accept allegations indictment possibly continued part moved back forth across state lines true many activities described indictment constituted chain events might conceptually separated inseparable regarded wholly local district construing indictment attempt metaphysical separation looking transactions charged felt compelled previous decisions hold despite interstate character many business insurance commerce consequence contracts commerce trade words district held indictment bad sole reason entire insurance merely part business contracts physically executed never possibly circumstances therefore even though insurance company conducts substantial part business transactions across state lines engaged among within meaning either commerce clause sherman act therefore say indictment charges nothing restraint monopoly formation insurance contract suggested give different narrower meaning district consistently criminal appeals act permits case come direct appeal record presents two questions others sherman act intended prohibit conduct fire insurance companies restrains monopolizes interstate fire insurance trade fire insurance transactions stretch across state lines constitute among several make subject regulation congress commerce clause since conclusion sherman act intended apply fire insurance business shall convenience discussion first consider latter question ordinarily courts construe words used constitution give meaning narrow one common parlance times constitution written hold word used commerce clause include business insurance whatever meanings may included dictionaries encyclopedias books period show included trade businesses persons bought sold bargained contracted meaning persisted modern times surely therefore heavy burden asserts plenary power commerce clause grants congress regulate among several include power regulate trading insurance extent includes power regulate trades businesses conducted across state lines modern insurance business holds commanding position trade commerce nation built upon sale contracts indemnity become one largest important branches commerce total assets exceed approximate equivalent value farm lands buildings annual premium receipts exceed average annual revenue receipts government last decade included labor force insurance experienced workers almost many seek livings coal mining automobile manufacturing perhaps modern commercial enterprise directly affects many persons walks life insurance business insurance touches home family occupation business almost every person business separated distinct territorial compartments function isolation interrelationship interdependence integration activities operate practical aspects insurance companies methods business large share insurance business concentrated comparatively companies located part financial centers east premiums collected policyholders every part flow companies investment policies become payable checks drafts flow back many policyholders reside result continuous indivisible stream intercourse among composed collections premiums payments policy obligations countless documents communications essential negotiation execution policy contracts individual policyholders living many different policies single company separate interests blended one assembled fund assets upon equally dependent payment policies decisions company makes home risks insures premiums charges investments makes losses people state home office happens located concern people living far beyond boundaries state fire insurance transactions alleged restrained monopolized appellees fit pattern national insurance trade shown indictment us nearly combining companies chartered various foreign countries maintained home offices one six operated headquarters either new york pennsylvania connecticut period total premiums collected local agents six transmitted home offices period losses paid checks drafts sent home offices companies local agents delivery policy holders local agents solicited prospects utilized policy forms sent home offices made regular reports companies mail telephone telegraph special travelling agents supervised local operations insurance sold members covered kinds fixed local properties also properties steamboats tugs ferries shipyards warehouses terminals trucks busses railroad equipment rolling stock movable goods types carried interstate foreign commerce every media transportation despite despite fact persons speaking common knowledge instantly say course business engaged trade commerce district felt compelled decisions conclude insurance business never trade commerce within meaning commerce clause must therefore consider decisions held sustaining statute virginia regulated foreign insurance companies statute offend commerce clause policy insurance transaction commerce paul virginia wall since similar cases statement repeated broadened hooper california decided paul statement reaffirmed added business insurance commerce new york life insurance company protesting montana tax challenged broad statements strongly urging business least conducted engaged interstate commerce approved paul statement held company saying insurance commerce neither state interstate new york life insurance company deer lodge county cases relied upon proposition business insurance commerce attention focused validity state extent commerce clause automatically deprived power regulate insurance business since congress time attempted control insurance business invalidation state statutes practically equivalent granting insurance companies engaged interstate activities blanket license operate without legal restraint early insurance trade though still subject widespread abuses meet imperative need correction abuses various state legislatures including virginia passed regulatory legislation paul virginia upheld one virginia statutes uphold insurance laws including tax laws paul virginia generalization reasoning consistently adhered today however asked apply reasoning uphold another state law strike act congress intended regulate certain aspects methods interstate insurance companies business narrow scope federal power regulate activities great business carried back forth across state lines past decisions emphasize legal formulae devised uphold state power uncritically accepted trustworthy guides determine congressional power commerce clause furthermore reasons given support generalization business insurance commerce never conducted constitute among inconsistent many decisions upheld federal statutes regulating interstate commerce commerce clause one reason advanced rule paul case insurance policies commodities shipped forwarded one state another since paul virginia held congress regulate traffic though consist intangibles another reason much stressed insurance policies mere personal contracts subject laws state executed reason rests upon distinction called type mechanical criterion deemed controlling measurement federal power cf wickard filburn parker brown may grant contract insurance considered thing apart negotiation execution constitute interstate commerce cf hall follow powerless examine entire transaction contract part order determine whether may chain events becomes interstate commerce treating congressional power commerce among legal conception rather one drawn course business conclusion reached swift short nationwide business deprived interstate character merely built upon sales contracts local nature rule otherwise businesses said engaged interstate commerce another reason advanced support result cases follow paul virginia pects business insurance treated interstate commerce control taken legislative regulations heretofore sustained must declared invalid accepted without qualification broad statement inconsistent many decisions settled constitutional purposes certain activities business may intrastate therefore subject state control activities business may interstate therefore subject federal regulation wide range business activities though subject federal regulation intimately related local welfare absence congressional action may regulated taxed marking activities primary test applied mechanical one whether particular activity affected state regulation part interstate commerce rather whether case competing demands state national interests involved accommodated fact ular phases interstate business activity long regulated taxed recognized strong reason continued absence conflicting congressional action state regulatory tax laws declared valid real answer question us found commerce clause great cases interpret many decisions make vivid broad true meaning clause interstate commerce subject regulation congress carry lottery tickets state state lottery case champion ames also interstate commerce transport woman louisiana texas common carrier hoke carry across state line private automobile five quarts whiskey intended personal consumption simpson drive stolen automobile iowa south dakota brooks diseased cattle ranging georgia florida commerce thornton transmission electrical impulse telegraph line alabama florida intercourse subject paramount federal regulation pensacola telegraph western union telegraph may transactions commerce though may commerce though illegal sporadic though utilize common carriers concern flow anything tangible electrons information activities already held constitute interstate commerce persons engaged therefore held subject federal regulation indeed difficult hold activities insurance company ever constitute interstate commerce make subject regulation part conduct legitimate useful commercial enterprise may embrace integrated operations many involve transmission great quantities money documents communications across dozens state lines precise boundary national state power commerce never yet doubtless never delineated single abstract definition widely accepted general description part commerce subject federal power given chief justice marshall gibbons ogden wheat undoubtedly traffic something intercourse describes commercial intercourse nations parts nations branches commerce interstate said one wheat decision ever questioned comprehensive description subject matter commerce clause accept description less comprehensive recognized deprive congress full power necessary enable discharge constitutional duty govern commerce among power confided congress commerce clause declared federalist purpose securing harmony proper intercourse among purpose confined empowering congress negative authority legislate state regulations commerce deemed inimical national interest power granted congress positive power power legislate concerning transactions reaching across state boundaries affect people one govern affairs individual limited territorial jurisdictions fully capable governing federal power determine rules intercourse across state lines essential weld loose confederacy single indivisible nation continued existence equally essential welfare nation basic responsibility interpreting commerce clause make certain power govern intercourse among remains constitution placed power held beginning vested congress available cised national welfare congress shall deem necessary commercial enterprise kind conducts activities across state lines held wholly beyond regulatory power congress commerce clause make exception business insurance ii come contention earnestly pressed upon us appellees congress intend sherman act exercise power interstate insurance trade certainly act language affords basis contention declared illegal contract combination form trust otherwise conspiracy restraint trade commerce among several person shall make contract engage combination conspiracy deemed guilty misdemeanor section less sweeping person monopolizes attempts monopolize conspires person monopolize part trade commerce among several likewise deemed guilty misdemeanor language comprehensive difficult conceive face shows carefully studied attempt bring within act every person engaged business whose activities might restrain monopolize commercial intercourse among general application act combinations business capital organized suppress commercial competition harmony spirit impulses times gave birth terror period power fix prices restrict production crush small independent traders concentrate large power detriment many numerous evils ascribed organized opponents trusts aimed complete destruction business combinations possessed potential power intent destroy competition whatever people needed wanted great strength forces issue trusts monopolies became question whether abolished purpose best accomplished combinations insurance companies exempt public hostility trusts enacted laws forbidding insurance combinations one state statutes unsuccessfully challenged say well understand fire insurance companies acting together may owners property practically mercy matter rates may power deprive public generally advantages flowing competition rival organizations engaged business fire insurance order meet evils combinations associations state competent adopt appropriate regulations tend substitute competition place combination monopoly german alliance ins hale appellees argue congress knew doubtless members prior said insurance commerce subject state regulation therefore read act though expressly exempted business neither reports statements bill sponsors others purpose exempt insurance companies revealed fail find legislative history act expression clear unequivocal desire congress legislate within area previously declared within federal power cf helvering griffths parker motor boat sales shown one piece reliable evidence congress intended freeze proscription sherman act within mold current judicial decisions defining commerce power contrary acceptable evidence points way congress wanted go utmost extent constitutional power restraining trust monopoly agreements indictment charges admits little doubt purpose use power make far congress dual system competitive business economy sufficient justify reading act exemption insurance congress may known already regulating insurance business congress also knew railroads subject regulation federal government fact held insufficient bring railroad companies interpretative exemption sherman act sought freight association appellees argue quite apart sherman act meant succeeding congresses accepted approved decisions business insurance commerce call attention fact various times since congress refused enact legislation providing federal regulation insurance business several resolutions proposing amend constitution specifically authorize federal regulation insurance failed passage addition emphasize although sherman act amended several times amendments adopted specifically bring insurance within act proscription government part points evidence various members congress period considered insurance business expressed view insurance business subject trust laws also points merchant marine act congress specifically exempted certain conduct marine insurance companies laws said evidence considered together inconclusive point relevant means show congress specifically intended exempt insurance companies scope sherman act attach significance omission congress include amendments act express statement act covered insurance beginning congress used language broad enough include businesses never amended act define businesses particularity fact several congresses since failed enact proposed legislation providing less comprehensive federal tion insurance even remotely suggest congress held view insurance alone businesses permitted enter combinations purpose destroying competition coercive intimidatory practices finally argued great length virtually regulate insurance business theory competition field insurance detrimental insurers insured sherman act held applicable insurance much state regulation destroyed first part argument buttressed opinions expressed various persons unrestricted competition insurance results financial chaos public injury whether competition good thing insurance business us consider power enact sherman act congress exceptions written act must come congress said answer similar argument sherman act applied railroad combination history monopolies country england predictions ruin habitually made attempted legislation restrain operations protect public exactions even shared gloomy forebodings defendants indulge refuse respect action legislative branch government done within limits constitutional power suggestions disaster business apprehend origin zeal parties opposed policy underlying act congress interested result particular case rate suggestions imply may refuse enforcement provisions act judgment congress wise prescribing rule conduct interstate international commerce governed every combination whatever form restraint commerce monopolizing attempting monopolize commerce shall illegal plainly questions policy legislation belong another department function supervise legislation standpoint wisdom policy harlan affirming decree northern securities argument sherman act necessarily invalidates many state laws regulating insurance regard exaggerated go far permit private insurance companies without state supervision agree upon fix uniform insurance rates cf parker brown authorize combinations insurance companies coerce intimidate boycott competitors consumers manner alleged companies acquired vested right engage destructive business practices reversed justice roberts justice reed took part consideration decision case chief justice stone dissenting never doubted doubt transactions across state lines often attend incidental formation performance insurance contract use facilities interstate communication transportation acts interstate commerce subject regulation federal government commerce clause doubt business insurance presently conducted many aspects interstate manifestations effects interstate commerce may subject appropriate exercise federal power see polish national alliance national labor relations board questions us concerned power congress attempted question whether congress enacting sherman act note asserted power business insurance questions government raised advisedly seem cf new york life insurance deer lodge county indictment case interpreted district quite different question discussed opinion whether incidental use facilities interstate commerce transportation conduct fire insurance business renders business within meaning sherman act commerce clause questions whether business entering contracts one state insuring risk loss fire property others interstate commerce whether agreement conspiracy fix premium rates contracts ways restrict competition effecting policies fire insurance violates sherman act answered questions think answer right judgment affirmed principle view permanency given construction commerce clause sherman act respect consistently adhered branches government case comes direct appeal government district judgment dismissing indictment provisions criminal appeals act questions open decision whether district constructions commerce clause sherman act rested decision correct ones borden wayne pump swift particular facts applied constitution sherman act must look indictment district construed must accept construction provisions criminal appeals act district construction indictment reviewable appeal circuit appeals patten colgate borden supra district pointed offenses charged indictment conspiracy fix arbitrary premium rates fire insurance sold several named means conspiracy restrain monopolize trade commerce fire insurance went say constitute violation sherman act restraint monopoly denounced must interstate trade commerce unless restraint monopoly charged indictment restraint monopoly interstate trade commerce indictment must fall question whether defendants participated incidental way interstate commerce used instances facilities interstate commerce rather whether activities complained constituting business insurance constitute interstate trade commerce whether defendants method conducting amounted restraint monopoly question whether congress power regulate insurance companies phase activities rather whether congress sherman act may engaged interstate commerce yet restraint monopoly complained restraint monopoly interstate trade commerce may convicted violation sherman act fact may use mails instrumentalities interstate commerce communication subject federal regulations relating thereto make applicable sherman act intrastate commerce activities commerce whole case therefore depends upon question whether business insurance interstate trade commerce whether transactions alleged indictment constitute interstate commerce short district construed indictment charging restraints incidental use mails instrumentalities interstate commerce insurance goods moving interstate commerce insurance insurance necessarily meant business writing contracts insurance indictment charges restraints entering contracts deemed irrelevant negotiation performance contracts appellees use mails instrumentalities interstate commerce held business interstate commerce alleged conspiracies restrain monopolize business without restraint interstate commerce consequently violations sherman act construction indictment confined scope conspiracy fix premium rates otherwise restrain competition business writing insurance contracts monopolize construction requiring decision question whether business interstate adopted government brief presented follows whether fire insurance business commerce whether fire insurance business subject constitutional power congress regulate commerce among several whether sherman act violated agreement among fire insurance companies fix maintain arbitrary rates monopolize trade commerce fire insurance part boycotts directed companies part conspiracy agents purchasers insurance deal numerous unvarying decisions never denied acts interstate commerce may incidental business writing performing contracts insurance incidental acts subject commerce power decisions subject uniformly rested ground formation insurance contract even though insures risk loss property located moving interstate commerce interstate commerce although incidents interstate communication transportation often attend formation performance insurance contract interstate commerce serve render business insurance interstate commerce see hooper california new york life ins deer lodge county insurance company new york executes delivers either state another policy insuring owner building new jersey loss fire act interstate commerce occurred true owner comes new york procure insurance delivery new york carries policy new jersey company sends mail messenger acts interstate commerce similarly owner pays premiums mail company new york company new jersey agent sends premiums new york company new york sends money new jersey occurrence loss insured acts interstate commerce occur power congress regulate derived authority regulate business insurance power regulate interstate communication transportation incidental use facilities interstate commerce render insurance business interstate commerce nature single insurance transaction transactions involving interstate commerce altered regard merely number multiplied power congress regulate interstate communication transportation incidental insurance business less number insurance transactions great small congressional power regulate extend formation performance insurance contracts save latter may affect communication transportation interstate commerce may otherwise found congress affect transactions interstate commerce even effects commerce involve restraints competition marketing goods services within reach sherman act controlling principles fully recognized numerous cases held business insurance commerce subject commerce power see example new york life ins deer lodge county supra principles peculiar insurance contracts equally applicable types contracts relate things events execution contain obligation engage form interstate commerce parties engaged interstate commerce commerce necessarily involved prerequisite formation contracts performance necessarily involve interstate business mere formation contract sell deliver cotton coal crude rubber interstate transaction involve act interstate commerce cotton coal crude rubber subjects interstate foreign commerce fact performance contract may effected without precedent subsequent movement interstate commodities sold may incidental use facilities interstate commerce transportation formation contract ware leland mobile county western live stock bureau internal revenue compare milling bondurant principle underlying conclusion underlying decisions business insurance interstate commerce repeatedly recognized affirmed paul virginia wall hooper california ware leland mobile county supra engel new york life ins deer lodge county supra blumenstock advertising agency curtis pub hill wallace board trade olsen moore new york cotton exchange western livestock bureau internal revenue supra see hopkins conclusion business writing insurance interstate commerce rightly otherwise unless depart universally accepted view act making contract stipulate performance act transaction interstate commerce interstate commerce held true even though contract effected exchange communications across state lines see new york life ins cravens ware leland mobile county supra new york life ins deer lodge county supra point need considered indictment makes charge policies written appellees thus effected alleges defendants certain named undoubtedly contracts entered sale commodities move interstate commerce may become implements restraints marketing commodities used may reason within sherman act see northern securities patten supra standard oil compare thames mersey marine ins quite another matter say contracts interstate commerce restraints competition terms conditions within sherman act absence showing purpose effect restrain competition marketing goods services contracts relate compare hill wallace supra board trade city chicago olsen supra blumenstock advertising agency curtis pub supra indiana farmers guide pub prairie moore new york cotton exchange supra patten supra respect insurance contracts point law stand different footing regards sherman act contracts insurance fact made instruments restraint marketing goods services affecting interstate commerce beyond reach sherman act contracts sale commodities interstate commerce may nevertheless used means restraint since trade articles commerce subject matter contracts insurance evident writing insurance policies interstate commerce little scope use restraining competition marketing goods services affecting commerce contract insurance makes stipulation sale delivery commodities interstate commerce interstate transaction provides payment sum money event loss insured necessary consequence alleged restraints competition fixing premiums interstate commerce restrained occasion consider argument rejected indictment charges conspiracy fix premiums adversely affects interstate commerce instances commodities insured move across state lines interstate communication transportation instances incidental business issuing insurance contracts said bound district construction indictment importantly effects interstate commerce presently appear within reach sherman act conclusion seems inescapable formation insurance contracts like many others business without commerce within protection commerce clause constitution thereby large measure excluded state control regulation see hooper california supra new york life insurance deer lodge county supra conclusion seems upon analysis correct principle complete harmony uniform rulings held formation types contract stipulate performance acts interstate commerce likewise interstate commerce support unbroken line decisions beginning paul virginia years ago extending present time asked elaborate briefs arguments addressed us overrule paul virginia supra many cases followed new york life insurance deer lodge county supra see also new york life insurance cravens supra deer lodge case mode conducting insurance business almost identical alleged strenuously urged reason great size insurance companies life insurance taken essentially national international character page page use mails incident formation contract interstate transmission premiums proceeds policies commerce among page page arguments rejected business insurance held interstate commerce grounds stated think government brief opinion case failed notice business entering insurance contracts interstate commerce seems plain agreements fix premium rates restraints competition entering contracts violations sherman act often occasion point restraints prohibited sherman act competition marketing goods services whenever competition occurs affects interstate commerce goods services see apex hosiery leader cases cited contract insurance undertake supply market goods services suggestion policies insurance issued articles commerce issue sold market formation contract interstate commerce see hooper california supra new york life ins deer lodge county supra cf ware leland mobile county supra moore new york cotton exchange supra performance insurance contract involving payment premiums insured payment losses insurer involve marketing goods services indictment district pointed charges restraints competition fixing terms conditions insurance contracts even assume although district mention indictment also charges restraints performance contracts plain restrains performance well formation contracts operate restraints competition marketing goods services restraints within purview sherman act compare federal base ball club national league mine workers coronado coal blumenstock advertising agency curtis pub supra moore new york cotton exchange supra practice law commerce least outside district columbia subject sherman act become law firm attracts clients without state sends members juniors argue cases clients use interstate mails pay fees federal base ball club national league supra strange indeed congress adopting sherman act twenty years supposedly settled question considered business insurance interstate merce contemplated sherman act apply nothing legislative history suggests intended apply business insurance legislative materials indicate congress primarily concerned restraints competition marketing goods sold interstate commerce clearly within federal commerce power act limited restraints commerce physical goods see atlantic cleaners dyers reason suppose congress intended act apply matters prevailing decisions commerce involved contrary house committee reporting bill adopted without change declared attempt made invade legislative authority several even occupy doubtful grounds system laws devised congress alone effectually protect people evils oppression trusts monopolies congress authority deal generally subject within authority legislate respect commerce several foreign nations president roosevelt urged congress carefully consider whether power bureau corporations constitutionally extended cover interstate transactions insurance american bar association executives leading insurance companies others joined request numerous bills providing federal regulation various aspects insurance business introduced judiciary committees house senate concluded regulation business marine fire life insurance beyond congressional power sess house committee stated question whether insurance commerce passed beyond realm argument said many times great number years insurance commerce one year decision new york life insurance deer lodge county supra congress clayton act stat amended sherman act defined term used act gave indication questioned desired overrule decision deer lodge case preceding contrary webb charge bill house representatives stated companies reached held contracts policies interstate commerce throughout years since decision paul virginia adhered view business insurance interstate commerce ever since practical construction branches government application insurance commerce clause sherman act long continued practical construction constitution statute persuasive force determining meaning proper application pocket veto case federal trade commission bunte cooper significant fifty years since enactment sherman act government sought apply business congress continued regard insurance constituting interstate commerce although often asked repeatedly declined pass legislation regulating insurance business sponsor constitutional amendments subjecting cognressional control decision rendered repudiates long continued consistent construction commerce clause sherman act say sufficient ground declining join decision never committed rule policy lessons experience force better reasoning overruling mistaken precedent see cases collected justice brandeis dissenting opinion burnet coronado oil gas notes smith allwright note see legal tender cases wall especially case meaning constitution issue mistaken construction one corrected legislative action give blind adherence rule policy decision overruled overrule many decisions accept view rule stare decisis embodies wise policy often important rule law settled settled right especially congress without regulatory power cf penn dairies milk control question whether earlier decision ever overruled whether particular decision overruling precedent case duty make certain harm done rejecting retaining rule even dubious validity compare helvering griffiths said seems plain decisions business insurance commerce unsound principle involve inconsistency lack harmony accepted doctrine place field activity beyond control national state governments hammer dagenhart overruled three years ago unanimous darby contrary ruling insurance commerce therefore unaffected restrictions commerce clause imposes state legislation removed serious obstacle regulation business plenary power domestic foreign corporations engaged interstate commerce developed extensive effective systems regulation insurance business often solving regulatory problems local character impractical difficult congress deal exercise commerce power view broad powers federal government regulate matters though commerce nevertheless affect interstate commerce wickard filburn polish national alliance national labor relations board supra doubt power congress desires regulate many aspects insurance business mentioned indictment immediate practical effect decision rendered withdraw large measure regulation insurance confer national government adopted lative policy evolved scheme regulation respect business insurance congress taken action present decision substitutes varied detailed state regulation developed period years limited aim indefinite command sherman act suppression restraints competition marketing goods services affecting interstate commerce applied courts insurance business best may years since pronouncement insurance commerce came regarded settled constitutional doctrine vast efforts gone development schemes state regulation organization insurance business conformity regulatory requirements vast amounts capital invested business reliance permanence existing system state regulation far system supplanted nature things well explained opinion government admits statutes least five invalidated decision conflict sherman act argument reveals serious doubt whether many others may also inconsistent act extent still state statutes invalidated conflict commerce clause explored detail briefs argument opinion certainly serious doubt validity state taxes may thought discriminate interstate commerce cf philadelphia fire association new york extent conditions may imposed right insurance companies business within state general extent state may regulate whatever aspects business first time regarded interstate commerce longer adheres inflexible rule state measure regulate interstate commerce application test presently applied requires consideration relevant facts circumstances order determine whether matter appropriate one local regulation whether regulation unduly burden interstate commerce parker brown determination made upon basis time costly experience give answers congress made choice drastic change rejected proposals assume national control insurance business report house committee judiciary pointed evils wrongs complained subject exclusive regulation state legislative power added congress declares insurance commerce holds legislation constitutional much congress regulate effect legislation disturb substructure government precipitating violent conflict police power power cognress regulate interstate commerce uphold federal power extinguish police power state legislation congress words congress admit corporations respective entire regulating power see id congress chosen legislate parts insurance business found affect interstate commerce whether making sherman act applicable regulation form resolved many questions conflict federal state regulation decide questions particular cases action overturning precedents years governing business volume wide ramifications fail occasion loosing flood litigation legislation state national order establish new boundary state national power raising questions answered years come great business regulatory officers every state must harassed doubts difficulties inseparable realignment distribution power federal system considerations might well stay reversal long established doctrine promises little advantage much harm considerations controlling judgment affirmed justice frankfurter join opinion chief justice relations insurance business national commerce finance doubt afford constitutional authority appropriate regulation congress business insurance certainly less extent congressional regulation touching agriculture see smith kansas city title trust wickard filburn opinion chief justice leaves equally without doubt enactment sherman act note congress mean disregard accepted conception constitutional basis regulation insurance business evidence overwhelming inapplicability sherman act contemporaneous setting insurance transactions charged indictment confirmed modified congressional attitude action intervening fifty years congressional warrant therefore bringing dislocations opinions chief justice justice jackson adumbrate justice jackson dissenting part historical development public regulation insurance underwriting country created dilemma confronts today demonstrates life law logic experience one hundred fifty years congress never undertaken regulate business insurance therefore give public protection abuses business peculiarly susceptible regulate since several spurred necessity acquiescence every branch federal government building systems regulation discharge duty toward inhabitants never doubt right state regulate business domestic companies done within home state foreign corporation problem insurance interests resisted state regulation brought series cases companies sought disable regulating arguing insurance business interstate commerce argument almost identical made government foreign companies thus sought vest insurance control exclusively congress deprive every state power exclude regulate tax privilege business practical ultimate choice faced say either insurance subject state regulation subject existing regulation consistently sustained right represent public interest enterprise wisely unwisely resort doctrine insurance commerce hence unaffected grant power congress regulate commerce among several state thus left free exclude foreign insurance companies altogether admit business conditions saw fit impose whole structure insurance regulation taxation exists today built upon assumption doctrine insurance business commerce always criticized unrealistic illogical inconsistent holdings unable make satisfactory distinction insurance business conducted transactions held constitute interstate commerce sidering question first time writing upon clean slate misgivings holding insurance business commerce conducted across state lines interstate commerce therefore congressional power regulate prevails little doubt present trend continues federal regulation eventually supersede question therefore settles role judiciary play reversing trend history setting nation feet new path policy answer consider choices matter ii government claims must approve reject claim antitrust laws constitute exercise congressional power reaches insurance business might true either two different bases practical well theoretical difference substantial case show activity held interstate commerce congress paramount regulatory power acts relation subject often held field exclusion federal legislation defines full measure regulation outside activity free fully agreed effects commerce clause state least always considered activity held interstate character state may exclude burden obstruct impose license tax privilege carrying within state holding case brings insurance within line decisions restricting state power although activity held commerce interstate character congress nevertheless may reach prohibit specific acivities conduct substantially burden restrain interstate commerce wickard filburn power exercised congress impairs state regulation far actually conflicts federal regulation terminal railroad association brotherhood railroad trainmen congressional power reach activities interstate commerce interferes state power milder narrower specific way instead overruling repeated decisions insurance commerce apply case principle even commerce antitrust laws prohibit manipulation restrain interstate commerce hold national labor relations act et prohibits insurance companies even commerce engaging unfair labor practices affect commerce polish national alliance require government show acts sought punish affect something insurance substantially affect interstate transportation interstate commerce commodity whatever problems reconciliation state federal authority avoid leave basis state regulation unimpaired principles decision apply case neither novel complicated may shortly put matter fact modern insurance business usually conducted commerce conducted across state lines fact interstate commerce contemplation law however insurance acquired established doctrinal status based facts constitutional purposes fiction established long acted upon congress insurance commerce long congress acquiesces adhere carefully considered frequently reiterated rule sustains traditional regulation taxation insurance companies enactment congress either partial comprehensive regulations insurance business whould come us forceful presumption constitutional validity fiction insurance commerce sustained presumption resort facts support presumption favor congressional action faction therefore must yield congressional action continues sufferance congress congress also may without exerting full regulatory powers subject without challenging basis supplanting details state regulation enact prohibitions acts pursuit insurance business substantially affect unduly burden restrain interstate commerce antitrust laws construed reach business insurance engaged latter congressional power require change doctrine insurance commerce statute thus construed authorize prosecution combinations course insurance business commit acts required authorized state law intimidation disparagement cion unreasonably restrain interstate commerce commodities interstate transportation leave state regulation intact iii majority sitting justices insist follow drastic course abstract logic may support common sense wisdom situation seem opposed may said practical consequences concern confine legal theory course cases constitutional provision congressional statute clear mandatory wisdom us following overruling unequivocal line authority reaching many years sustaining act congress attack constitutionality making unprecedented use act strike constitutional basis state regulation think free duty bound consider practical consequences revision constitutional theory recently recognized certain former decisions dividing line state federal power illogical theoretically wrong time announced adhere governments accommodated structure laws error davis department labor industries seemed commonsense course follow think similar considerations restrain us following contrary destructive course began nearly century ago regulate insurance state regulation doubt uneven quality today successful going concern several greatest volume business transacted rigorous enlightened legislation enforcement supervision hands experienced competent officials state departments trial error accumulated body institutional experience wisdom indispensable good administration decision least require extensive overhauling state legislation relating taxation supervision whole legal basis reconsidered irretrievably lost may salvaged one say take generation litigation determine certainly lose important controls considerable revenues recklessness course emphasized consider congress one line legislation deliberately designed take federal responsibility important complicated enterprise federal department personnel national experience subject congress call counsel framing regulatory legislation poorer time thrust upon congress necessity framing plan nationalization insurance control hard find moreover hint congress concurs plan federalize responsibility insurance supervision indeed every indication contrary urged one insurance companies decisions confirming state power insurance paralleled history congressional refusal extend federal authority although decision ever explicitly denied power orderly way nationalize insurance supervision desirable decision legislation judicial decision operates industry retroactively anticipate likely agree consequences upon tax liabilities refunds liabilities state law individuals even criminal liabilities follow decision practical considerations years ago deterred changing doctrine insurance congress hand thinks time come take insurance regulation federal system may formulate announce whole scope effect action advance fix future effective date avoid confusion surprise injustice caused action judgment evil decisional error exceeds evil innovation must based practical part upon policy considerations problem practical political judgments made political branches government part wisdom good government courts leave initiative congress moreover method responsible democratic government force hand congress proper function judiciary tie hands congress use office time like little justification necessity dislocate functions revenues catapult congress immediate undivided responsibility supervision nation insurance businesses reconcile view function society footnotes lines insurance handled appellees described indictment navigation transportation inland marine sprinkler leakage explosion windstorm tornado extended coverage use occupancy riot civil commotion insurance pertinent provisions sections act july stat amended commonly known sherman act follows every contract combination form trust otherwise conspiracy restraint trade commerce among several foreign nations hereby declared illegal every person shall make contract engage combination conspiracy declared sections title illegal shall deemed guilty misdemeanor every person shall monopolize attempt monopolize combine conspire person persons monopolize part trade commerce among several foreign nations shall deemed guilty misdemeanor indictment state proportion fire insurance lines sold stock companies distinguished mutuals etc six involved state companies receive approximately total premium income fire insurance companies operating see fashion originators guild federal trade oil sunshine anthracite coal adkins trenton potteries patten swift appellees include individuals companies named defendants indictment except universal insurance company kansas city fire marine insurance company neither joined demurrer indictment although district also sustained two additional grounds demurrer indictment state facts sufficient constitute federal offense lacked jurisdiction subject matter opinion makes clear conclusion business insurance commerce two grounds demurrer based upon fifth sixth tenth amendments considered district see stat amending stat borden company appellees contend district read counts indictment alleging trade commerce sought restrained monopolized business selling fire insurance rightly decided business commerce therefore judgment affirmed government denies construed indictment narrowly insists first count indictment charges violation act regardless whether insurance business commerce since account charges practices fire insurance companies constituted unlawful restraint interstate trade commerce fields transportation industry must purchase fire insurance cf polish national alliance national labor relations board view take case unnecessary pass upon question consider case assumption appellees contention point correct see gibbons ogden wheat also hamilton adair power govern pp alexander hamilton stating opinion constitutionality bank declared little question federal power regulate foreign commerce included regulation policies insurance works alexander hamilton fed pp speaking need federal power regulate hamilton earlier said indeed evident superficial view object either respects interests trade finance strongly demands federal superintendence federalist xxii federalist according figures gathered national resources committee three largest legal reserve life insurance companies assets greater one three largest industrial corporations standard oil company new jersey steel corporation general motors corporation report president national resources committee june structure american economy part pp government printing office department commerce statistical abstract pp pp sixteenth census part summary vol iii labor force pp shown business insurance definite characteristics reach influence consequence beyond different ordinary businesses commercial world pursue greater liberty may asserted insurance practically necessity business activity enterprise therefore essentially different ordinary commercial transactions seen according sense world earliest times sense modern world greatest public concern german alliance insurance company superintendent kansas five largest legal reserve life insurance companies owning total assets approximately home offices near new york city best life reports summarized monograph printed use temporary national economic committee appendix government printing office companies licensed every state union except two licensed texas life insurance year book five largest stock fire marine insurance companies owning total assets approximately similarly located best digest insurance stocks xxxii business every state union ibid amounts given premiums collected losses paid period stock fire insurance companies operating six involved companies parties alleged conspiracies probably collected paid amounts since controlled percentage total business defect argument lies character business issuing policy insurance transaction commerce policies simple contracts indemnity loss fire entered corporations assured consideration paid latter contracts articles commerce proper meaning word subjects trade barter offered market something existence value independent parties commodities shipped forwarded one state another put sale like personal contracts parties completed signature transfer consideration contracts transactions though parties may domiciled different policies take executed delivered agent virginia local transactions governed local law wall cases repeated relied upon paul generalization ducat chicago wall liverpool insurance company massachusetts wall philadelphia fire association new york noble mitchell new york life insurance company cravens nutting massachusetts northwestern mutual life insurance company wisconsin bothwell company colgate harvey collection analysis cases see gavit commerce clause constitution bloomington indiana pp statistics illustrative tremendous expansion fire marine insurance business see new york insurance report vol ii table fire marine insurance companies reporting new york superintendent insurance listed assets premiums written listed assets almost premiums written ibid see generally insurance blue book centennial issue vi insurance patterson insurance commissioner camb pp nehemkis paul virginia need georgetown ibid see wickard filburn binderup pathe exchange stafford wallace bacon illinois swift decisions upholding state insurance laws necessarily constitute denial federal power regulate insurance upon occasion recognized insurance executives lawyers see example address regulation insurance congress john dryden president prudential insurance company america delivered november pp decision paul virginia followed relate real point involved consideration regulation insurance business interstate commerce federal government opinion qualified authorities given careful consideration aspect subject implied resulting powers constitution withhold verdict constitutionality act congress declaring interstate insurance interstate commerce see similarly insurance commerce george seward president fidelity casualty company new york pp huebner federal supervision regulation insurance annals amer acad pol soc science vol xxvi see contra vance federal control insurance corporations green bag randolph opinion proposal federal supervision insurance pp report committee insurance law american bar association discussing constitutionality federal supervision insurance stated flatly paul virginia cases follow bar congressional action reports american bar association vol xxix part pp see note supra see illustration gibbons ogden wheat pensacola telegraph company western union telegraph company lottery case champion ames jordan tashiro electric bond share securities exchange american medical association cf hoopeston canning cullen contracts insurance may said interdependent regarded singly isolatedly effect relation create fund assurance credit companies becoming depositories money insured possessing great power thereby charged great responsibility german alliance insurance company superintendent kansas see furst brewster appraising swift case chief justice taft say case milestone interpretation commerce clause constitution recognized great changes development business vast country drew dividing line interstate intrastate commerce constitution intended refused permit local incidents great interstate movement taken alone intrastate characterize movement italics supplied swift case merely fitted commerce clause real practical essence modern business growth board trade city chicago olsen compare indiana farmers guide publishing prairie farmer publishing stafford wallace new york life insurance company deer lodge county see crutcher kentucky atlantic refining virginia mcgoldrick coal mining see gibbons ogden wheat willson creek marsh pet license cases opinion chief justice taney cooley board wardens kelly washington cf sturges crowninshield wheat houston moore wheat opinion justice story parker brown cf people state california thompson south carolina state highway department barnwell brothers cases cited therein hall company bowman chicago northwestern different members applying test particular state statute may reach opposite conclusions validity argue correctness test differences judgment inevitable solution constitutional problem must depend upon considered evaluation competing constitutional objectives see mcgoldrick coal mining mccarroll dixie greyhound lines duckworth arkansas cf gwin henneford see cooley board wardens new york life insurance company deer lodge county cf bowman chicago northwestern lottery case champion ames cf kirschbaum walling particular difficulty recognized authors federalist papers new laws though penned greatest technical skill passed fullest mature deliberation considered less obscure equivocal meaning liquidated ascertained series particular discussions adjudications three sources vague incorrect definitions indistinctness object imperfection organ conception inadequateness vehicle ideas one must produce certain degree obscurity convention delineating boundary federal state jurisdictions must experienced full effect federalist xxxvi federalist pp ordinary ingredients traffic brown maryland wheat although commerce includes traffic narrower sense century judicially recognized broad sense embraces every phase commercial business activity intercourse jordan tashiro commerce intercourse purposes trade forms including transportation purchase sale exchange commodities welton missouri communication persons different means correspondence mails commerce among within meaning constitution especially intercourse communication really relate matters regular continuous business making contracts transportation books papers appertaining business international textbook company pigg see pensacola telegraph company western union telegraph company government contain every power requisite full accomplishment objects committed care complete execution trusts responsible free every control regard public good sense people federalist xxx federalist supra federalist xl federalist xli federalist supra pp compare federalist xxiii federalist supra union constituted guardian common safety fleets armies revenues necessary purpose government union must empowered pass laws make regulations relation must case respect commerce every matter jurisdiction permitted extend confer case degree power commensurate end violate obvious rules prudence propriety improvidently trust great interests nation hands disabled managing vigor success see note georgetown law journal powers conferred commerce clause confined instrumentalities commerce known use constitution adopted keep pace progress country adapt new developments time circumstances intended government business relate times circumstances pensacola telegraph company western union telegraph company compare federalist xliii federalist supra historian wheel one strongest farmers organizations say origin question often asked gave rise wheel question easily answered asked monopoly monopoly aspires make people servants politically financially socially demands offer golden altar souls bodies lives liberty common country unreservedly without complaint morgan history wheel alliance fort scott compare cases wall dissenting opinions justices field bradley wall pp see apex hosiety leader standard oil company missouri freight association see also paramount famous lasky corporation opposition trusts limited monopolization services instance senator ingalls kansas amendment added sherman bill designed tax existence business dealing futures contracts ingalls amendment adopted senate without record vote id subsequently sherman bill amended redrafted senate judiciary committee used substantially broad sweeping language sections act contain today language sherman bill support senator ingalls proponents ingalls amendment see patten peto howell cf board trade city chicago olsen stafford wallace see generally ashby riddle sphinx des moines morgan history wheel alliance fort scott buck granger movement camb cloud monopolies people davenport iowa weaver call action des moines hicks populist revolt minneapolis representative platforms resolutions contemporary movements following demand passage law prohibiting formation trust combinations speculators secure control necessaries life purpose forcing prices consumers imposing heavy penalties texas farmers state alliance report committee industrial depression objects national alliance oppose forms monopoly detrimental best interests public national farmers alliance constitution hold principle monopolies dangerous tending enslave free people national farmers alliance industrial union constitution oppose tyranny monopolies national grange declaration purposes platforms republican democratic parties stated unqualified opposition monopolies trusts brandon platforms two great political parties recorded vote house final conference report sherman act shows ayes nays voting four statutes enacted ch ch ch ch et seq ch ch ch ch pp ch acts ch acts ch ch vernon et seq ark acts amended ark acts ch ch acts ch adopted ch ch pp ch pp ch ch acts farm organizations period rely solely upon prohibitory legislation protect combinations insurance companies tired extortions insurance companies territorial alliance appointed committee devise put operation system mutual insurance result eminently successful report alonzo wardall president alliance insurance companies dakotas printed ashby riddle sphinx des moines pointed one reference made business insurance congressional discussions preceding passage sherman act statement senator turpie flatly challenged reasoning holding insurance commerce predicted future commerce clause given limited construction senator missouri vest spoke day difficulty defining word especially contained phrase commerce recollect one judicial decision upon subject definitely decided insurance commerce suppose following circle negations long enough excluding things commerce come last residuum must commerce interstate commerce nothing else fortiori judging principle decided transportation commerce interstate commerce either feel inclined make prediction one things come vast domain scarcely touched cases arising constitution laws congress whole mass merchantable paper known negotiable law merchant made one place negotiable another payable another transcending negotiation state lines remitted congressional action respect creation formation negotiation respect rights liabilities may arise people stunned eternal dissonance conflicting decisions judgments eight fifty tribunals last resort upon subject interstate negotiable paper require congress act therein unconstitutional deem think matter necessity done legislation respect paper whole bulk personal peculiar conditions litigants inquired simply whether one party entitled relief liable recovery reason party interstate commercial paper negotiable payable suable action congress may finally take place upon subject think senator new york discharged duty released obligation legislate upon subject trusts right see note infra senator george member senate judiciary committee redrafted sherman act final passage stated floor senate bill ingeniously properly drawn cover every case comes within called commercial power congress well known great evil combinations conspiracies called monopolies denominated bill consists fact combination association gathered together money means large numbers persons combinations conspiracies trusts great aggregated capital wielded single hand guided single brain least hands brains acting complete harmony way association direction immense amount capital one organized large extent wrongs perpetrated upon american people earlier senator sherman explained wish single particular trust combination particular trust system aim house representative stewart delivering last speech preceding unanimous adoption present act stated provisions trust bill broad sweeping explicit english language make express power congress subject constitution compare kidd pearson knight addyston pipe steel american tobacco senator sherman explaining bill senate stated arm federal courts within limits constitutional power may state courts checking curbing controlling dangerous combinations threaten business property trade people example following colloquy occurred house debate passage clayton act barton illustration recently big fire insurance company came state local insurance companies business confined border state cut prices immediate locality three local companies put business price put back profitable company might condition exist started wholesale house state territory confined reduction prices putting institution business webb purpose wrongfully injure destroy competitor section cover practice insurance companies reached held contracts policies interstate commerce barton right come within law webb yes far appears mention insurance cases discussions leading passage clayton act stat sherman act consideration reference cases showed dissatisfaction see note supra stat whether reliance earlier statements paul virginia line cases insurance ever pleaded defense criminal prosecution sherman act question suggested one necessary discuss time charges agreement fix premium rates fix commissions paid adopt reclassifications risks basis premium rates fixed adhere standard terms conditions clauses insurance contract withhold reinsurance facilities nonmembers underwriters association withdraw refuse enter agencies representing boycott withhold patronage purchasers insurance members disparage services facilities establish maintain rating bureaus police maintain agreements establish maintain boards groups agents purpose allegation commissions paid otherwise entering contracts indictment thus charges restraints terms insurance contracts restraints boycotts competition entering contracts entering contracts reinsurance paul virginia wall ducat chicago wall liverpool insurance massachusetts wall philadelphia fire association new york hooper california noble mitchell orient insurance daggs new york life insurance cravens nutting massachusetts new york life ins deer lodge county northwestern mutual life ins wisconsin national union fire insurance wanberg bothwell see also doyle continental ins overruled grounds terral burke const decisions negotiation contract citizens different interstate commerce known accepted congress course debates senate original bill introduced senator sherman senator turpie discussing extent federal commerce power stated recollect one judicial decision upon subject definitely decided insurance commerce subsequent debates bill senator hoar later took charge revised bill reported judiciary committee ultimately enacted et denied existence federal substantive power commerce clause article iii contracts citizens different asserting senator sherman bill supported regulation transportation sale articles see also statements senator eustis see senator sherman original bill statement texts bill throughout various amendments set bills debates relating trusts sess see also statement floor house culberson charge bill attempt exercise doubtful authority subject bill confined strictly alone subjects confessedly question legislative power congress see statement senator edmunds chairman senate judiciary committee reported bill form passed drafting bill committee thought frame bill clearly within constitutional power make definition terms well known law already leave courts first instance say far carry particular deinitions applicable particular case occasion might arise similarly senator hoar member committee senator edmunds charge bill stated dealing offense interstate international commerce state regulate penal enactment find without common law great thing bill except affording remedy extend principles protected fair competition trade old times england international interstate commerce messages presidents see report commissioner corporations urging congress legislate upon subject afford opportunity present question whether insurance conducted interstate commerce hence subject federal regulation see also sess message president roosevelt proposing insurance code district columbia enclosing report convention state officers called investigate wrongful insurance methods see american bar association reports annals american academy political social sciences id dryden address regulation insurance congress moody magazine et seq smerican law review sess sess sess sess sess sess see infra see also sess compare debates house bill establish department commerce labor reported house committee interstate foreign commerce bill provided creation bureau insurance control may provided law insurance companies promote develop insurance business collecting compiling statistics extended debate provision objected want power federal government regulate insurance business threat continuance existing state regulation insisted proponents bill insurance commerce amendments strike reference insurance bill adopted proposed amendment prohibit use mails insurance companies business violation state law likewise defeated conference committee inserted provision adopted act stat authorizing bureau corporations compile publish useful information concerning corporations business engaged interstate foreign commerce corporations engaged insurance upon assurances section authorizes information secured nothing measure contravenes votes house subject conference report adopted insurance provisions bill originally passed senate conference report adopted body without debate commissioner corporations made study state legislation reported view decisions felt warranted trying assume jurisdiction insurance companies purpose investigation report commissioner corporations see report commissioner corporations pp report secretary commerce labor webb statement made answer inquiry barton whether proposed section clayton act render illegal certain practices engaged wholesalers course barton referred instance practices committed insurance companies colloquy continued barton right come within law webb yes assuming webb answer related insurance companies expressed desire companies included within prohibitions sherman clayton acts nothing done amend acts carry desire require reexamine scope federal power insurance cases arising laws stated see hopkins blumenstock advertising agency curtis publishing federal base ball club national league standard oil see northern securities dissenting opinion see also mine workers coronado coal leather workers international union herkert meisel trunk relying ware leland mobile county case applying insurance rule cotton futures contracts calling interstate shipment delivery one private suit brought district columbia enjoin ratefixing underwriters association suit dismissed ground insurance commerce lown underwriters sup june reported federal decisions criminal prosecutions suits equity instituted sherman act hamilton antitrust action monograph prepared temporary national economic committee private actions brought note yale addition bills note supra see res sess res sess res sess sess sess proposing constitutional amendments insurance commissions established new hampshire massachusetts rhode island october sherman act became law seventeen established supervisory authorities patterson insurance commissioner see particularly argument new york life insurance company new york life ins deer lodge county paul paul virginia wall paul virginia wall hooper california noble mitchell new york life insurance company cravens new york life insurance deer lodge county bothwell ducat chicago wall liverpool insurance massachusetts wall philadelphia fire association new york nutting massachusetts northwestern mutual life insurance wisconsin champion ames lottery tickets electric bond share holding companies pennsylvania public service mccarroll dixie greyhound lines duckworth arkansas furst brewster cases cited alpha portland cement massachusetts cudahy packing hinkle government contends least count one present indictment conforms interpretation antitrust laws criminal appeals act jurisdiction construe reconstrue indictment view require remand district circuit appeals consideration light opinion gross premiums taxes insurance companies yielded aggregate remaining eight estimated making total state tax collections pamphlet published bureau census impossible believe congress ever intended assume responsibility general regulation insurance made antitrust laws sole manifestation purpose command refrain restraints trade intelligent insurance regulation goes much requires careful supervision ascertain protect solvency regulation may inconsistent unbridled rate competition prescribes provisions policies insurance many matters beyond scope sherman act also requires sanctions obedience far effective maximum fine corporations prescribed antitrust laws violation state laws commonly punishable cancellation permission business drastic sanction really commands respect antitrust laws sanctions little better absurd applied huge corporations engaged great enterprise two related madison oil cases see oil fifteen seventeen corporations convicted combined capital surplus reported total corporate fines making ratio fines corporate capital surplus less one per cent addition fines assessed individuals automobile financing case see general motors corp certiorari denied general motors corporation three wholly owned subsidiaries individuals convicted fines capital surplus reported fine somewhat less per cent thereof case corporate fines maximum permitted statute last agency investigate insurance problems temporary national economic committee made recommendation federal control chairman senator reviewing carefully problems caused concentration economic power hands insurance companies abuses business said say personally support law undertake away state regulation insurance never suggested member tnec committee whole thought away state regulation imposing federal supervision american bar association journal dominant political parties supported present system democratic platform contained provision favor strict supervision forms insurance business several protection policyholders public republican platform year contained provision favor continuance regulation insurance several president theodore roosevelt twice recommended congress assume control insurance message december message december see insurance blue book centennial issue ch vi fire insurance bill introduced house providing creation national bureau insurance treasury department passed sess bill introduced senate proposing national bureau insurance never passed sess bill introduced house creating office commissioner insurance never reported committee sess bill introduced senate declare insurance companies business outside incorporation deemed engaged interstate commerce reported committee sess president roosevelt recommendation senator dryden introduced bill senate establish bureau insurance department commerce bill died committee sess president roosevelt second recommendation house judiciary committee reported congress power regulate insurance said views practically met approval bar business men accordance law common sense sess march senate committee judiciary made similar report resolutions introduced house senate proposing amendment constitution effect congress power regulate business commerce insurance throughout territories possessions resolutions reported judiciary committee sess sess sess resolution introduced similar constitutional amendment died committee sess moreover exceptions exemptions congress indicated clear intent avoid interference state supervision insurance corporations excepted may become bankrupts insurance issued issuer state supervision exempted securities act insurance companies supervised state authority exempted regulation investment companies new york life insurance company deer lodge county said reverse cases therefore require us promulgate new rule constitutional inhibition upon compel change policy readjustment laws result necessarily urges change decision resisting pressure federalize insurance supervision congress followed advice best informed champions public interest insurance problems one louis brandeis speaking counsel protective committee policyholders equitable life assurance society commercial club boston october brandeis said sole effect federal law sole purpose dryden bill see note supra must free companies careful scrutiny commissioners seeks rob state even right protect citizens legalized robbery present insurance measures subject citizens terms bill federal license secure right business within borders state regardless state prohibitions free state protective regulations frankness effrontery insurance bill introduced senate john dryden president prudential life insurance company pays stockholders annual dividends equivalent per cent dollar paid stock company devotes mainly insuring working men expense cents every dollar premiums paid company made worst record lapsed surrendered industrial policies supervision also advocated james beck formerly assistant attorney general counsel mutual life insurance company main argument state supervision appears companies pay aggregate fees taxes several says twice much necessary cover expense proper supervision ten million dollars large sum small one compared aggregate assets aggregate expense management beck company paid taxes fees management expenses nearly fourteen times much massachusetts savings banks paid year ending october taxes commonwealth whole expense management insurance departments subjects criticism many department inefficient doubtless corrupt anything experience federal supervision departments business lead us assume freer grounds criticism whole efficient best insurance department must remembered efficient supervision department state effect protect company wherever may reside let us remember rather ineffectiveness eighteen long years interstate commerce commission deal railroad abuses futile investigation commissioner garfield beef trust unfinished investigation affairs oil trust since engaged federal supervision serve centralize still power government increase still powers corporations justice brandeis unanimous wrote bothwell contract insurance although made corporation office state insured resides interest insured located interstate commerce joined similar decisions northwestern mutual life insurance wisconsin national union fire insurance wanberg union filed amicus curiae briefs us protesting decision promulgating