Commissioners v. Bank of Commerce was a case heard by the United States Supreme Court in 1878. The case involved a dispute between the Commissioners of the Sinking Fund of the City of New York and the Bank of Commerce. The Commissioners had issued bonds to the Bank of Commerce in exchange for money, and the Bank of Commerce had agreed to pay the interest on the bonds. However, the Bank of Commerce failed to pay the interest, and the Commissioners sued the Bank of Commerce for the unpaid interest. The Supreme Court held that the Bank of Commerce was liable for the unpaid interest. The Court reasoned that the Bank of Commerce had agreed to pay the interest on the bonds, and that the Bank of Commerce had not provided any valid excuse for its failure to pay the interest. The Court also held that the Bank of Commerce was liable for the unpaid interest even though the Bank of Commerce had not received any benefit from the bonds. The Court reasoned that the Bank of Commerce had agreed to pay the interest, and that the Bank of Commerce was therefore liable for the unpaid interest. In conclusion, the Supreme Court held that the Bank of Commerce was liable for the unpaid interest on the bonds issued by the Commissioners of the Sinking Fund of the City of New York. The Court reasoned that the Bank of Commerce had agreed to pay the interest, and that the Bank of Commerce had not provided any valid excuse for its failure to pay the interest.

In Commissioners v. Bank of Commerce, the Supreme Court was tasked with determining whether a state tax imposed on national banks violated the National Banking Act. The majority opinion held that it did not violate the act and thus upheld the constitutionality of such taxes. However, Justice Field dissented from this ruling and argued that states should not be allowed to impose taxes on national banks as they are federally chartered institutions whose operations are regulated by Congress under federal law. He further noted that allowing states to tax these entities would create an undue burden for them since their profits were already subject to taxation at both state and federal levels, which could lead to double taxation or other unfair practices against these businesses. Ultimately, he concluded that such taxes were unconstitutional because they interfered with Congress' exclusive power over regulating interstate commerce granted in Article I Section 8 of the Constitution.