gives existence. State legislative regulation would virtually be at an end, as it should be; but State supervision could no doubt be subordinated to and be the representative of national supervision. If a State maintains a bureau, then there is no reason why records, so far as they relate to companies doing business in such State, should not be furnished by the National to the State bureau for the information of the citizens of such State. The relationship of State regulation to national supervision will give rise to many important questions which require careful consideration. Until Congress exercises the power conferred upon it by the Constitution to provide national supervision, the States will continue to exercise such right, because it is not forbidden, and because supervision is a necessity. |