Describe the circumstances surrounding "Seward's Folly"

It was called Seward's Folly because the United States Secretary of State, William Seward, purchased Alaska from Russia for $7.2 million which was considered to be a massive mistake by many Americans. ... In hindsight Seward's Folly should have been called Seward's Fortune!Seward agreed to purchase Alaska from Russia for 7.2 million dollars. Critics attacked Seward for the secrecy surrounding the deal, which came to be known as “Seward's folly.” The press mocked his willingness to spend so much on “Seward's icebox” and Andrew Johnson's “polar bear garden.Seward's supposed folly would ultimately prove to be a shrewd bargain on the statesman's part. In addition to the abundant natural resources available, Alaska became fertile territory for gold mining in the late 19th century (i.e., the Klondike gold rush) and then oil in the 20th century.

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