The U.S. Supreme Court case Railroad Commission of Wisconsin et al. v. Maxcy, Receiver (1929) revolved around the issue of whether a state could regulate intrastate railroad rates without violating the Commerce Clause of the Constitution, which gives Congress exclusive power to regulate interstate commerce. The Railroad Commission of Wisconsin had set certain intrastate freight rates that were challenged by Mr. Maxcy, who was acting as receiver for a bankrupt railroad company operating in both Minnesota and Wisconsin. He argued that these regulations interfered with interstate commerce and thus violated federal law. The Supreme Court ruled against Maxcy, upholding the right of states to regulate their own internal affairs even when they might indirectly affect interstate commerce - unless such regulation results in direct discrimination against or burden on interstate trade or conflicts with valid federal laws regulating such trade.

In the dissenting opinion for the case of Railroad Commission of Wisconsin et al. v. Maxcy, Receiver, Justice Stone argued that the majority's decision to strike down a state law regulating railroad rates was an overreach by federal courts into matters best left to states and their regulatory bodies. He contended that it was not within the purview of federal courts to determine whether or not a rate is confiscatory unless there is clear evidence showing such confiscation has occurred - which he believed wasn't present in this case. Furthermore, he criticized his colleagues' reliance on hypothetical scenarios about potential future losses rather than focusing on actual current conditions and data available at hand while making their judgement.