WINNER OF THE BANCROFT PRIZEHow a system of colonial trusteeship converted Native wealth into settler capitalFrom the earliest days of its founding, the United States set its sights on Native territory. Amid better-known “Indian wars,” the federal government quietly built an empire by treaty, offering payments to Native peoples for their land. Routinely inadequate, these payments were nonetheless pivotal because federal officials chose not to deliver them as a lump sum. Instead, the government kept the bulk of payments owed to Native nations under its own control as a trustee, and made access to future installments contingent on Native compliance. In Vested Interests, Emilie Connolly describes how a system of “fiduciary colonialism” seized a continent from its original inhabitants—and, ironically, furnished Native peoples with financial resources that sustained their nations. Connolly documents two centuries of dispossession in the guise of fiduciary benevolence. Acting as both dispossessor and trustee, the federal government invested Native wealth in state bonds that financed banks, canals, and other infrastructural projects that enabled the country to expand further westward. Meanwhile, Native peoples protected the money they did receive for future generations, investing it in their own institutions and mounting legal challenges to hold their trustees accountable. Still, federal trusteeship placed tight constraints on Native economies with the aim of containing Native power, forcing nations to endure through sheer resilience and ingenuity. By chronicling the long history of Native land dispossession through financial paternalism, Vested Interests reveals the unequal dividends of colonialism in the United States.