Ward Hunt

“ But when a corporation or natural person receives from another person, for discount, bills of exchange or promissory notes belonging to that other, he is acting as a banker; and when a customer brings bonds, bullion, or stocks for sale, and they are received for the purpose for which they are brought, that is, to be sold, the case is presented which we think was contemplated by the statute. In common understanding, he who receives goods for sale is one who receives them as an agent for a principal who is the owner. He is not one who buys and sells on his own account. ”

“ To us, therefore, it appears plain that it is the business of advancing or lending in the mode usual with bankers-that is, on collaterals or on the pledge of personal property-that, by the statute, is defined to be banking, within the intention of Congress, and that lending upon mortgages of real estate is not intended. ”

“ In no proper sense can it be understood that one receives his own stocks and bonds, or bills, or notes, or discount or for sale. He receives the bonds, bills, or notes belonging to him as evidences of debt, though he may sell them afterwards. ”