, amending, in view of the Depression, the law governing building
and loan associations. The authority of the State to safeguard the vital
interests of the people, said Justice Reed, "is not limited to health,
morals and safety. It extends to economic needs as well." Ibid. 38-39.

[1726] _See_ especially Edwards _v._ Kearzey, 96 U.S. 595 (1878); and
Barnitz _v._ Beverly, 163 U.S. 118 (1896).

[1727] 290 U.S. 398 (1934). As to conditions surrounding the enactment
of moratorium statutes in 1933, _see_ New York Times of January 22,
1933, sec. II, pp. 1-2.

[1728] Worthen Co. _v._ Thomas, 292 U.S. 426 (1934); Worthen Co. _v._
Kavanaugh, 295 U.S. 56 (1935).

[1729] 295 U.S. at 62.

[1730] East New York Savings Bank _v._ Hahn, 326 U.S. 230, 235 (1945).

[1731] Honeyman _v._ Jacobs, 306 U.S. 539 (1939). _See also_ Gelfert
_v._ National City Bank, 313 U.S. 221 (1941).

[1732] 313 U.S. at 233-234.

[1733] One reason for this is indicated in the following passage from
Justice Field's opinion for the Court in Paul _v._ Virginia, decided in
1869: "At the present day corporations are multiplied to an almost
indefinite extent. There is scarcely a business pursued requiring the
expenditure of large capital, or the union of large numbers, that is not
carried on by corporations. It is not too much to say that the wealth
and business of the country are to a great extent controlled by them." 8
Wall. 168, 181-182.

[1734] Wright, The Contract Clause, 91-100.

[1735] Perry _v._ United States, 294 U.S. 330 (1935); Louisville Joint
Stock Bank _v._ Radford, 295 U.S. 555 (1935). The Court has pointed out,
what of course, is evident on a reading of the Constitution, that the
contract clause is a limitation on the powers of the States and not of
the United States. Central P.R. Co. _v._ Gallatin (Sinking Fund Cases),
99 U.S. 700, 718 (1879). _See also_ Mitchell _v._ Clark, 110 U.S. 633,
643 (1884); Legal Tender Cases, 12 Wall. 457, 529 (1871); Continental
Ill. Nat. Bank & Trust Co. _v._ Chicago, R.I. & P.R. Co., 294 U.S. 648
(1935); St. Anthony Falls Water Power Co. _v._ Board of Water
Commissioners, 168 U.S. 349, 372 (1897); Dubuque, S.C.R. Co. _v._
Richmond, 19 Wall. 584 (1874); New York _v._ United States, 257 U.S. 591
(1922). _Cf._ however, Hepburn _v._ Griswold, 8 Wall. 603, 623 (1870);
and Central Pacific R.R. Co. _v._ Gallatin (Sinking Fund Cases), 99 U.S.
700, 737 (1879).

[1736] _See_, e.g., Neblett et al. _v._ Carpenter, et