Little by little, however, the news leaked out that the northwestern country had rich minerals, and soon the King of Spain began to covet some of that wealth for himself. The Spaniards claimed that they owned all of the country that had not yet been mapped out, and they sent an exploring party, under Perez, to make charts of the northwest. Perez sailed along the coast, and finding two capes, named them Santa Margarita and Santa Magdalena, but beyond that he did little to help the cause of Spain. Some years later exploring parties were sent out from Mexico, but they found that the wild ice-covered country was already claimed by the Russians, and that the Czar had no intention of giving it up. Other nations, therefore, soon ceased to claim it, and the Russian hunters and traders were allowed to enjoy the country in peace. Alexander Baranof made a great success of the trade in skins, but the men who took his place were not equal to him. The company began to lose money, and the Czar of Russia decided that the country was too far away from his capital to be properly looked after. The United States finally made an offer to buy the great territory from the Czar, although the government at Washington was not very anxious to make the purchase. The tract, large as it was, did not seem to promise much, and it was almost as far from Washington as it was from St. Petersburg. The Czar was quite willing to sell, however, and so the United States bought the country from him in 1867, paying him $7,200,000 for it. On a fine October afternoon in 1867 Sitka Bay saw the Stars and Stripes flying from three United States war-ships, while the Russian Eagle waved from the flagstaffs and houses in the small town. On the shore soldiers of the two nations were drawn up in front of the old castle, and officers stood waiting at the foot of the flagpole on the parade ground. Then a gun was fired from one of the United States war-ships, and instantly the Russian batteries returned the salute. A Russian officer lowered his country's flag from the parade ground pole, and an American pulled the Stars and Stripes to the peak. Guns boomed and regimental bands played, and then the Russian troops saluted and left the fortress, and the territory became part of the United States. Up to that time the country had been known as Russian America, but now a new name had to be found. Some suggested American Siberia, and others the Zero Islands; but an American statesman, Charles Sumner, urged the name of Alaska, a native word meaning "the Great Land," and this was the name that was finally adopted.