Franklin Steele

Franklin Steele, 1856

Franklin Steele was Fort Snelling's sutler, and made a fortune by staking claim to the eastern side of St. Anthony's Falls and building sawmills and a toll-bridge on the site of what would soon be Minneapolis. With the help of Congressman Henry Rice, his former assistant sutler, he purchased the 8,000 acres of land surrounding the recently decommissioned Fort Snelling from the federal government for $90,000 in 1857, hoping to make a profit selling prime land situated between Minneapolis and St. Paul. While the Panic of 1857 put these hopes on hold, he made more than $100,000 by renting the property back to the government during the Civil War.

Henry Hastings Sibley

Henry Hastings Sibley

Henry H. Sibley in 1865.

St. Paul at the intersection of Fifth and Wabasha Streets

St. Paul at the intersection of Fifth and Wabasha Streets, 1857

St. Paul at the intersection of Fifth and Wabasha Streets. Construction of the Cathedral of St. Paul is visible at center. Photograph by Benjamin Franklin Upton, 1857.

St. Anthony, St. Cloud and Hartford Land Office

St. Anthony, St. Cloud and Hartford Land Office

The land office in St. Anthony, 1857.

Land Speculation, 1854–1857

Between 1854 and 1857, a craze for platting town sites and selling the deeds to settler-colonists swept through Minnesota. Speculators poured into the territory hoping to make their fortunes, and many succeeded. An estimated 700 town sites were platted during this time, though most of them were never developed or were abandoned after a few years. Ultimately, the mania of land speculation ended when the Ohio Life Insurance and Trust Company went bankrupt in 1857, causing a financial panic through the country.

Groundswell button

Groundswell button

Groundswell farm activist group button, ca. 1985.

Minnesota House of Representatives Agriculture Committee meeting

Minnesota House of Representatives Agriculture Committee meeting

Minnesota House of Representatives Agriculture Committee meeting, 1981. Photograph by Tom Olmscheid.

Farmers demonstrating at the State Capitol

Farmers demonstrating at the State Capitol

Farmers demonstrating at the State Capitol, 1985. Photograph by Dona Sieden.

Farm equipment auction poster

Farm equipment auction poster

Poster announcing the sale at auction of farm equipment by Al Trochaic, auctioneer. Printed by Haymarket Press, published by Ox Head Press in Marshall, Lyon County, Minnesota, 1981.

Foreclosure auction poster

Foreclosure auction poster

Poster announcing the foreclosure of family farms, ca. 1984.

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