Of all the Souls that stand create — The Merchant of Venice

This is difficult line: "When that which is-and that which was." The clue is "Drama in the flesh" based on the plot of a pound of flesh in The Merchant of Venice.

Dickinson expanded the famous line "Which is the Merchant here? and which the Jew?" to show the ending and her comment: "Which is the businessman here? Which was the extortioner?"

Of all the Souls that stand create-1
I have elected-One-
When Sense from Spirit-files away-
And Subterfuge-is done-
When that which is-and that which was-5
Apart-intrinsic-stand-
And this brief Drama in the flesh
Is shifted-like a Sand-
When Figures show their royal Front-9
And Mists-are carved away,
Behold the Atom-I preferred-
To all the lists of Clay!
(F.279/J.664)
[1] create:: to give rise to a condition or set of circumstances (OED 4); indicating the trial of Shylock and Anthonio. Souls:: Shylock, Anthonio, Bassanio, etc. in the court.
[2] I, elected One:: Portia chose to help Anthonio, friend of her husband.
[3] Sense from Spirit, away:: Shylock demanded flesh, not money, is a sense without spirit.
[4] Subterfuge:: Portia's tricky statement, flesh without blood.
[5] Jew:: a grasping or extortionate person (whether Jewish or not) who drives hard bargains (OED 2a). which is, which was:: a referring to "Which is the Merchant here? and which the Jew?" The past tense "was" indicates that the Jew's extortion is failed.
[6] Apart, intrinsic:: to separate the intrinsic flesh and blood.
[7] Drama:: a hint on stage play. flesh:: a pound of flesh, a hint on The Merchant of Venice.
[8] shifted, Sand:: the case was shifted easily from failure to success.
[9] show, royal Front:: Portia and Nerrissa revealed their true identities.
[10] Mists:: Portia's tricks.
[11] Atom:: minor thing, unnoticed word.
[12] list:: desire or wish (OED n.4 3). Clay:: an earthly man.