The President, Directors and Company of the Bank of the United States brought a case against William Owens, Herbert G. Waggoner, George Wagley and Alexander Miller in 1829. The bank argued that it had loaned money to these four individuals who had failed to repay their debt according to the terms agreed upon in their contract. The defendants countered by claiming that they were not liable for repayment because they did not have sufficient funds at the time when payment was due. Ultimately, after much deliberation on both sides' arguments, the Supreme Court ruled in favor of the bank stating that all four defendants were indeed obligated to pay back what was owed as per their agreement with no exceptions made for insufficient funds or any other mitigating circumstances.

In the case of The President, Directors and Company of the Bank of the United States vs. William Owens, Herbert G. Waggoner, George Wagley and Alexander Miller, Chief Justice Marshall wrote a dissenting opinion in which he argued that although Congress had not given any express authority to incorporate banks or grant them privileges such as those held by this particular bank (the Bank of the United States), it was within their power to do so under implied powers granted by Article I Section 8 Clause 18 (the Necessary and Proper Clause). He further argued that since Congress had already established a national currency through its taxation powers, it could also create an institution like a bank for managing said currency. Therefore, even though there was no explicit authorization from Congress for incorporating banks with special privileges such as those enjoyed by this particular bank at issue in this case - they were still allowed to do so under implied powers granted by Article I Section 8 Clause 18.