The scope and implications of the Securities Act of 1933 have been set out in a recent issue of this Review. Broadly, the Act regulates the issue and sale of securities by requiring registration thereof with the Federal Trade Commission, by specifying certain data to be included in prospectuses relating to such securities, and by imposing sanctions in the form of penal and civil liabilities. The Act purports to be an exercise of the Congressional power "to regulate . . . commerce among the several states" and "to establish post offices and post roads." Various constitutional questions are involved but it is here proposed to discuss only the question whether the Act is within the grants of power over interstate commerce and the mails.