In 1854, the United States took the mineral-rich lands of northeastern Minnesota Territory from the Ojibwe Nation after the signing of the Treaty of La Pointe. Four years later, it granted to the new state of Minnesota sections 16 and 36 of every one of its townships, either to be held in trust or leased to support state schools. Close to three million acres were dedicated to a public school trust fund, and the iron ore and forest lands of the Ojibwe generated over 85 percent of its value. In 2017, it is worth over a billion dollars.

Frederick Weyerhaeuser was a prominent, self-made lumber capitalist and millionaire in the Midwest during the Gilded Age. Nicknamed "the Lumber King" and "the Timber King" during a time when lumber ranked alongside iron and the railroads as a source of industry, Weyerhaeuser created a syndicate that controlled millions of acres of timberland. The syndicate also controlled sawmills, paper mills, and processing plants.