In Clark v. Trust Company, the Supreme Court of the United States was asked to decide whether a trust company had the authority to act as a trustee for a trust created by a will. The trust company had been appointed as trustee by the will, but the will did not explicitly grant the trust company the authority to act as a trustee. The Supreme Court held that the trust company had the authority to act as a trustee. The Court reasoned that the trust company was appointed as trustee by the will, and that the will was sufficient to grant the trust company the authority to act as a trustee. The Court also noted that the trust company had accepted the appointment and had acted as a trustee for some time before the dispute arose. The Court concluded that the trust company had the authority to act as a trustee, and that the trust company was not liable for any breach of trust. The Court also held that the trust company was entitled to the compensation provided for in the will.

Justice Field delivered the dissenting opinion in Clark v. Trust Company, arguing that the majority's decision was inconsistent with prior Supreme Court precedent and would lead to a dangerous expansion of federal power. He argued that Congress had no authority under Article I, Section 8 of the Constitution to pass legislation regulating state banks' issuance of notes or other obligations for circulation as money. According to Justice Field, this power belonged solely to the states and could not be delegated by them without violating their sovereignty. Furthermore, he noted that if Congress were allowed such broad powers over state banking activities then it would have "the same control over all business pursuits" within each state which is prohibited by both the letter and spirit of our Constitution. Finally, Justice Field concluded his dissent by noting that while there may be some need for uniformity among different states when it comes to banking regulations this should only come through cooperation between them rather than an unconstitutional delegation from one sovereign entity (Congress) onto another (the States).