Alaska's territory was purchased from [[Russia]] in 1867 by the Johnson administration for only a few million dollars; its vast oil and gold reserves have more than repaid the investment that was once ridiculed as "Seward's Folly." | Alaska's territory was purchased from [[Russia]] in 1867 by the Johnson administration for only a few million dollars; its vast oil and gold reserves have more than repaid the investment that was once ridiculed as "Seward's Folly." |