This book is a study of the role of local fiscal policies and fiscal politics in late nineteenth- and early twentieth-century America. Using case materials drawn largely from Illinois, it focuses on decisions made by city governments to raise money through the sale or guarantee of bond issues on behalf of a variety of private and public enterprises - from rail lines to water plants. This was part of a development strategy designed to attract population growth and capital investment. The study also examines the frequent pattern of debt repudiation, when projects went sour and local administrations changed hands, and the political and social consequences of such decisions.