Question

Why did journalists call the Alaska purchase of 1867 “Seward’s Folly”?

Answer 1

The purchase was William H. Seward's idea, Secretary of State under President Andrew Johnson at the time. Though public opinion was generally favorable towards the purchase, some ridiculed his decision to buy what seemed to be an arctic wasteland. Benefits at the time included fostering a friendship with Russia....though now we know of the abundant natural resources as well.