National Bank of the Republic v. Millard was a United States Supreme Court case that dealt with the issue of whether a national bank could sue a state in federal court. The case arose when the National Bank of the Republic (the Bank) sued the state of California in federal court for the recovery of a debt. The Bank argued that it was entitled to sue the state in federal court because it was a national bank and was thus protected by the Supremacy Clause of the United States Constitution. The Supreme Court held that the Bank was not entitled to sue the state in federal court. The Court reasoned that the Bank was not a citizen of the United States and thus did not have the right to sue the state in federal court. The Court further reasoned that the Bank was not a corporation created by Congress and thus did not have the right to sue the state in federal court. The Court also noted that the Bank was not a party to the Constitution and thus did not have the right to sue the state in federal court. The Court concluded that the Bank was not entitled to sue the state in federal court and that the state of California was not obligated to pay the debt owed to the Bank. The Court held that the Bank was not entitled to sue the state in federal court and that the state of California was not obligated to pay the debt owed to the Bank.

Justice Field delivered the dissenting opinion in National Bank of the Republic v. Millard, arguing that Congress did not have the authority to pass a law allowing national banks to issue notes secured by United States bonds as currency. He argued that this power was reserved for states under Article I, Section 10 of the Constitution and could not be delegated to Congress or any other branch of government. Furthermore, he believed that such an act would undermine state sovereignty and lead to economic instability due to inflationary pressures caused by too much money being printed without sufficient backing from gold or silver reserves. Justice Field concluded his dissent with a warning against giving too much power over monetary policy away from individual states and into federal hands since it could potentially lead down a slippery slope towards tyranny if unchecked.