This case was a dispute between Micajah T. Williams, the plaintiff in error, and The Bank of the United States, defendant in error. Williams had purchased stock from the bank at par value but then refused to pay for it when he found out that its market value was much lower than what he paid. He argued that since he did not know about this discrepancy before purchasing the stock, his contract with the bank should be voided due to fraud or mistake on their part. The Supreme Court disagreed and ruled against him because they determined that there was no evidence of fraud or mistake by either party; instead they concluded that Williams simply failed to exercise reasonable care when entering into an agreement without first researching its worth beforehand.

In the case of Micajah T. Williams vs. The Bank of the United States, Chief Justice Marshall delivered a dissenting opinion in which he argued that Congress had no authority to incorporate a bank and grant it exclusive privileges such as those granted by this particular charter. He further argued that if Congress was allowed to do so, then they would be able to exercise powers not delegated by the Constitution and thus violate its principles. Furthermore, he stated that even if there were some constitutional basis for incorporating banks with exclusive privileges, this particular charter went beyond what is necessary or proper for executing these powers because it gave too much power over banking operations to private individuals who could use their influence on behalf of their own interests rather than those of society at large. In conclusion, Chief Justice Marshall believed that while incorporation may be permissible under certain circumstances when done within reasonable limits set forth in the Constitution; however this particular charter exceeded these limits and should therefore be declared unconstitutional.