The President, Directors, and Company of the Bank of the United States v. Smith was a Supreme Court case that dealt with whether or not state courts had jurisdiction over cases involving national banks. The plaintiff in this case argued that since they were a federally chartered bank, any disputes should be heard by federal courts instead of state ones. However, the defendant argued that because their business was conducted within the boundaries of Pennsylvania (the state court's jurisdiction), then it should be tried there as well. In its ruling on this matter, the Supreme Court held that while states do have some authority to regulate certain aspects related to banking activities occurring within their borders - such as taxation and licensing requirements - they do not have exclusive power over all matters concerning national banks operating in those states; rather these issues must ultimately be decided by federal courts due to their constitutional supremacy clause powers granted under Article III Section 2 Clause 1. Ultimately, this decision established an important precedent for future cases regarding how much control individual states can exercise when dealing with nationally-chartered entities like banks

In the case of The President, Directors, and Company of the Bank of the United States v. Smith (1826), Justice Johnson wrote a dissenting opinion in which he argued that Congress had no authority to incorporate a bank with such extensive powers as those granted by its charter. He further argued that even if Congress did have this power, it could not be exercised without violating state sovereignty because it would interfere with states' rights to regulate their own banking systems. Additionally, Johnson contended that allowing such an institution to exist was unconstitutional since it gave too much power over public funds and commerce to private individuals who were unaccountable for their actions. Finally, he asserted that granting these powers would lead to corruption and abuse due to lack of oversight or regulation from any branch of government.