In the 1943 case Davies Warehouse Co. v. Bowles, Price Administrator, the U.S Supreme Court upheld the constitutionality of price control regulations implemented during World War II under the Emergency Price Control Act (EPCA) of 1942. The plaintiff, Davies Warehouse Company, argued that these controls were an unconstitutional delegation of legislative power and violated their Fifth Amendment rights by not providing just compensation for property taken for public use. However, in a unanimous decision led by Justice William O Douglas, it was held that Congress had provided sufficient standards to guide administrative discretion within EPCA and thus did not constitute an unlawful delegation of powers. Furthermore, they ruled that there was no violation of Fifth Amendment rights as price regulation does not amount to taking property without due process or just compensation but is rather a legitimate exercise of police power in response to economic emergencies.

In the dissenting opinion for Davies Warehouse Co. v. Bowles, Price Administrator, Justice Frank Murphy argued that the majority's decision to uphold price control regulations imposed on warehouse storage fees was an overreach of governmental power and a violation of constitutional rights. He contended that such controls were not within Congress' war powers as they did not directly relate to wartime needs or efforts but rather constituted a form of economic regulation more suited for peacetime legislation under normal circumstances. Furthermore, he asserted that these controls infringed upon property rights without due process by imposing arbitrary and unreasonable restrictions on businesses like Davies Warehouse Co., which could potentially lead to their financial ruin if unable to charge adequate rates for their services.