Benefits Of Building The Panama Canal
what is the panama canal? It provided a direct water route from the Atlantic to the pacific oceans, shortening the distance between the Atlantic and pacific coasts. The canal cuts across the Isthmus of Panama and is a key conduit for international maritime trade.The canal is about 80 km (50 mi) long.
1898-1901
Spanish American War allows the United States to acquire the Philippines and Puerto Rico, and to annex Hawaii. Assistant Secretary of the Navy, Theodore Roosevelt, perceives the need for easy access to the Atlantic and the Pacific by the navy. He supports a canal across Panama.The second Hay-Pauncefote Treaty is signed. The United States is given extensive rights by Great Britain for building and operating a canal through Central America.President William McKinley is assassinated and Vice President Theodore Roosevelt became the 26th President.
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The US purchases a concession to build the Panama Canal from the French for $40 million. 1903
The Hay-Herran Treaty with Colombia would have given the United States the land and the right to build a canal across Panama, but Colombia refuses to ratifies the treaty.The Senate ratified the Hay-Herran Treaty which guarantees the U.S. the right to build a canal at Panama The treaty promises Colombia $10 million plus $250,000 annually for a zone six miles wide.
The Hay-Bunau-Varilla Treaty signed, granting the United States a strip of land across the Isthmus of Panama and the right to build and fortify the Panama Canal.
1904
United States acquires control of the Panama Canal Zone for $10 million from Panama.United States buys equipment and infrastructure from France for $40
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