On This Day: 18th October

On October 18, 1867, the United States officially took possession of Alaska from Russia, following a purchase that would later be known as "Seward's Folly." Key points: - The purchase price was $7.2 million (about $133 million in 2021 dollars). - The acquired area was 586,412 square miles (1,518,800 km²). - It was negotiated by U.S. Secretary of State William H. Seward. - The purchase was initially ridiculed as "Seward's Folly" or "Seward's Icebox." - Alaska proved to be rich in natural resources, including gold, oil, and natural gas. Implications: - Expanded U.S. presence in the Pacific and reduced Russian influence in North America. - Affected U.S.-Canada relations and border negotiations. - Proved to be a wise investment due to Alaska's vast natural resources. - Gained strategic importance during the Cold War. - Demonstrated the long-term benefits of visionary geopolitical decisions.