Samuel Blatchford, Sioux City St. Railway Company v…
“ The right to operate the railway in the streets is a franchise obtained through power given to the city by the state, but the state reserved the power to regulate such franchise, and impose conditions upon it. It reserved the power to determin the question of the exemption of the company from taxation, and to prescribe what burdens should be imposed upon it for the public good, in the enjoyment of its franchise. ”
