becomes due, and
can be cashed at any bank.

Bonds are bought and sold on the market, and their prices are
quoted in the daily papers. When the bonds fall due, they are
_redeemed_ by the government at their face value, or "at par." On
the market all United States bonds are now selling "at a premium."
Issues of bonds were made in 1898, the rate of interest being 3 per
cent, and in 1900, the rate being 2 per cent. The Public Debt
Statement issued monthly by the Treasury Department gives the
divisions of the bonded debt and the amount outstanding. On
December 1, 1910, the amount of the interest-bearing debt was
$913,000,000.

II. THE POWER OF CONGRESS OVER COMMERCE.

The Control of Commerce.--The power over commerce, which we are
next to discuss, was given to Congress because the history of the
country under the Articles of Confederation showed clearly that State
control of commerce resulted in confusion and constant disputes. It is
necessary that merchants and ship-owners should conduct their business
under laws that are as _uniform_ as possible. It is also necessary that
they should be _certain_ as to the terms of the law. These conditions
could not exist if each State were to make laws controlling the commerce
going to other States and to foreign countries.

The Constitution gives Congress the power, in Article I, Section 8,
Clause 3, _To regulate commerce with foreign nations, and among the
several States, and with the Indian tribes_. Not all commerce that is
carried on by the citizens of this country is subject to control by
Congress.

There is a vast amount of commerce that is carried on entirely within
the limits of the different States. Over this commerce Congress has no
power; it is regulated by State laws relating to trade and
transportation.

Interstate Commerce.--The distinction between State and interstate
commerce is not readily seen in many cases; but in general it may be
said that if a commodity starts in one State destined for another, its
control throughout its course lies within the power of Congress. This
principle applies to both land and water transportation. So the coast
trade among the States lies within the jurisdiction of Congress; also,
commerce upon those rivers that form highways between different States.
The harbors and waterways of the United States have been improved by the
expenditure of many millions of dollars. This money has