The charter of a banking corporation usually confers upon it general banking powers, with a prohibition, very often inserted, against exercising the power of issuing notes. The meaning of this phrase "banking powers " has been noticed incidentally in the consideration of the definition of banking.1 The meaning of the phrase varies under different statutory enactments.2 The cases cited

17 First Nat Bank v. Stewart, 107 U. S 676; Mapes v. Scott, 94 I11. 379; Attleborough Nat Bank v. Rogers, 125 Mass. 339; Hennessy v. City of St. Paul, 54 Minn. 219; Wherry v. Hale, 77 Ma 20; Chapin v. Merchants' Nat Bank, 14 N. Y. St R. 272. But in the case of Burrows v. Niblack. 84 Fed. R. 1ll, the court utterly forgot this principle, and held that a national bank could recover what it had paid for its own stock, and that too without tendering back the stock. The opinion is incomprehensible.

18 Elder v. First Nat Bank, 12 Kan. 238. But see the case cited in the last note, where the same principle ought to have applied in an action at law.

19 Morris RRCa v. Sussex R. R. Co.. 21 N. J. Eq. 542; South. Exp. Co. v. Western R. R. Co., 99 U. S. 191; Baker v. N. W. Loan Co., 36 Minn. 185; Rider Raft Co. v. Roach, 97 N. Y. 378.

1 See Sec. 2, ante.

2 See Sec. Sec. 3, 4, 5, ante, and Blair v. Perpet Ins. Co., 10 Mo. 559; Huber v. Germ. Cong., 16 Ohio St. 371; State v.Stebbins,l Stew.299; Smith v. State, 21 Ark. 294; People v. Manhattan Bank, 9 Wend. 351; State v. Granville Alex. Soc., 11 Ohio, 1; People v. Insurance Co., 15 Johns.

35a in the preceding section necessarily are concerned with banking powers. The subject will be examined at length in a subsequent portion of this work.3 We mention now that while the powers of discounting and depositing are always conferred upon banks, there has been considerable difference of opinion as to whether the power of discounting included the power of purchasing commercial paper.4 The better opinion is that it does.