| Hay-bunau Varilla Treaty |
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Information AboutHay-bunau Varilla Treaty |
| CATEGORIES ABOUT HAY-BUNAU VARILLA TREATY | |
| panama canal | |
| treaties of the united states | |
| history of panama | |
| 1903 in law | |
| banana wars | |
| history of the united states 1865–1918 | |
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The two men negotiated the terms of sale for the building of a Panama Canal and for a Panama Canal Zone surrounding the Canal. Philippe-Jean Bunau-Varilla was a Frenchman originally involved in the building of the Panama Canal under the same man that built the Suez Canal , Ferdinand De Lesseps . After the collapse of the de Lesseps efforts to build the Panama Canal, Bunau-Varilla became an important shareholder of the Compagnie Nouvelle du Canal de Panama, which still had the concession, as well as certain valuable assets, for the building of said Canal. As part of the Hay-Bunau Varilla negotiations, the U.S. bought the shares and assets of the Compagnie Nouvelle du Canal de Panama for $40 million. The Hay–Bunau-Varilla Treaty is also called "The Treaty No Panamanian Signed," though Panama later agreed to the terms including: The United States was to receive rights to a canal zone which was to extend five miles on either side of the canal route in perpetuity; Panama was to receive a payment of $10 million and annual rental payments of $250,000. |
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