Today in 1803, the Louisiana Purchase was completed, allowing America to acquire nearly one-third of what would become the Continental U.S. from France — a nation in the afterglow of its own revolution and needing to raise cash quickly to pay its debts. The official turn-over happened in New Orleans at the Cabildo by raising a flag in the Plaza de Armas (now Jackson Square) for all to see — including the departing French. To pay for the land, the American government used a mix of sovereign bonds and the assumption of French debt, which provided Napoleon Bonaparte the breathing room to focus on his European campaigns (and forget his colonial ambitions in the New World). While a boundary dispute with Spain over Louisiana’s borders sparked up almost immediately, Washington didn't waste time setting its sights on its new prize and sent Lewis and Clark deep into the wilderness to begin their exploration.
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