Hay-Herran Treaty
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In 1903 the United States and Colombia signed the Hay-Herran Treaty. The United States would have acquired a renewable 99 year lease on 6 mile wide strip across Panama (which was then part of Colombia) for $10,000,000 and an annual payment. [1] (http://www.geocities.com/Athens/Acropolis/2604/rsvlt.htm) [2] (http://www.buyandhold.com/bh/en/education/history/2003/kitty_hawk_1.html) [3] (http://www.denison.edu/collaborations/istmo/n07/articulos/canal.html) Though it was ratified by the United States Senate on March 14 it was not passed by the Colombian Senate.
It has been considered by later observers that this happened mainly because Herran had negotiated the treaty with little government or legislative oversight, and it has also been mentioned that many of the politicians and congressmen found the amount offered to fall short, considering that the United States was willing to pay $40,000,000 for the New Panama Canal Company [4] (http://www.britannica.com/ebi/article?tocId=207505&query=Panama%20City&ct=%22ebi%22) [5] (http://www.mssu.edu/international/Latinam/canal.htm).
The United States government was not willing to renegotiate the treaty with Colombia or alter the amounts involved and soon gave its support, both political and military, to a planned uprising in Panama, which led to its independence and to the eventual construction of the Panama Canal.