Rufus Wheeler Peckham

“ It was not, properly speaking, a mere act increasing the powers of the corporation, so that such corporation could perform other acts of a nature similar to those which it was already authorized to perform by its original charter. It was not an increase, but it was a change, of powers, to the extent that those granted by the act of 1887 were of a totally different character and nature. An insurance corporation differs radically from a banking corporation, and the powers given to one cannot be exercised by the other without some authority granted by the state through its legislature. ”

“ We think that the change from the business of insurance to that of banking is a material and radical change, and to such an extent that the legislature, under the constitution of 1870, would have no power to continue an exemption from taxation granted by the charter to the insurance company, so that it should continue to exist in favor of a company exercising an exclusively banking business. ”

“ Upon the proposition argued by plaintiffs in error, that they have the right to engage in their present business of banking by virtue of the original charter, we are of opinion that such right does not exist. The power to receive in trust for any person moneys or other valuable thing, and of giving their acknowledgment therefor, and to loan their surplus funds as provided in the second section of the original charter, in no sense authorizes them to conduct a general banking business. ”