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In 1971, the Alaska Native Claims Settlement Act was signed into law by President Nixon. It abrogated Native claims to aboriginal lands except those that are the subject of the law. In return, Natives retained up to 44 million acres (180,000 km2) of land and were paid $963 million.
The cost and logistical difficulties of supplying the territory had made it an economic liability to the Russians, who were additionally struggling with debt accrued during the disastrous Crimean War (185356).
Seward signs a treaty with Russia for the purchase of Alaska for $7 million. Despite the bargain price of roughly two cents an acre, the Alaskan purchase was ridiculed in Congress and in the press as Seward's Folly, Seward's icebox, and President Andrew Johnson's polar bear garden.
Seward's Folly is a term that refers to Secretary of State William Seward's purchase of Alaska from Russia in 1867. Because the land was located so far north, it was considered virtually unusable and uninhabitable.
Though mocked by some at the time, the 1867 purchase of Alaska came to be regarded as a masterful deal. The treaty enlarged the United States by 586,000 square miles, an area more than twice the size of Texas, all for the bargain price of around two cents an acre.
ANCSA extinguished aboriginal land claims in Alaska and mandated a for-profit model with land title under corporate ownership. Upon the passage of ANCSA, a new era began for Alaska Native people.
William Seward's was U.S secretary of state in 1867. He purchased Alaska from Russia and many Americans opposed the purchase. People called it Seward's Folly because they thought it was useless and and had no point and thought his decision was foolish.
1966: The Alaska Federation of Native is formed to advocate for a land claims settlement. The Alaska Federation of Natives (AFN) formed in 1966 in response to the land claims issues that were being brought forth by various organized Alaska Native groups.
The Alaska Native Claims Settlement Act (ANCSA) was enacted into law on December 18, 1971. This Act was intended to settle outstanding land claims and establish clear title to Alaska's land and resources.