The Tennessee Bond Cases, Stevens & Others v. Memphis & Charleston Railroad Company & Others, was a landmark Supreme Court case that established the power of the federal government to regulate interstate commerce. The case involved a dispute between the state of Tennessee and the Memphis & Charleston Railroad Company over the validity of bonds issued by the state. The state had issued bonds to the railroad company in order to finance the construction of a railroad line, but the railroad company refused to accept the bonds, claiming that they were invalid. The Supreme Court ruled in favor of the railroad company, holding that the bonds were invalid because they violated the Commerce Clause of the Constitution, which gives the federal government the power to regulate interstate commerce. The ruling established the principle that the federal government has the power to regulate interstate commerce, and it has been cited in numerous subsequent cases involving the regulation of interstate commerce.

In the Tennessee Bond Cases, Stevens and Others v. Memphis & Charleston Railroad Company and Others, the Supreme Court was asked to decide whether certain bonds issued by the state of Tennessee were valid or not. The majority opinion held that these bonds were invalid because they had been issued without proper authorization from Congress. However, Justice Field dissented from this decision on two grounds: firstly, he argued that it would be unjust for bondholders who had purchased their securities in good faith to suffer losses due to a lack of congressional approval; secondly, he argued that even if there was no congressional authority for issuing such bonds at the time when they were originally sold, subsequent legislation could have validated them retroactively. In conclusion then Justice Field believed that these bonds should be upheld as valid obligations of Tennessee despite their initial lack of Congressional approval.