What controversial land purchase did the US make in 1867 for $7.2 Million?

In 1867, the United States acquired the vast territory of Alaska from the Russian Empire for the sum of $7.2 million. The purchase was championed by Secretary of State William H. Seward, who was a fervent believer in American expansion. At the time, Russia was facing financial difficulties after its defeat in the Crimean War and feared it could not defend its remote North American colony from its rival, Great Britain. Selling the territory to the U.S. seemed a practical solution to cut their losses and create a buffer between British and Russian territories.

Despite the seemingly bargain price of about two cents per acre, the acquisition was not without its critics. Some journalists and politicians derided the deal, labeling the new territory "Seward's Folly" and "Seward's Icebox." These opponents viewed the remote, sparsely populated land as a frozen (Review) wasteland, a "polar bear garden" that had drained taxpayer money. This narrative of a widely unpopular purchase, however, is largely a historical myth, as many newspapers and a majority in the Senate actually supported the treaty, seeing potential for trade with Asia and the expansion of American influence.

The treaty was ultimately approved by the Senate, thanks in large part to the efforts of Senator Charles Sumner. For a time, the territory was largely ignored, and the purchase seemed questionable to some. However, this perception dramatically changed with the discovery of gold in the Klondike in 1896, which brought a rush of prospectors and settlers to the region. In the years that followed, the immense value of Alaska's natural resources, including fish, timber, and oil, became clear, proving the purchase to be an incredibly shrewd investment for the United States.