The Panama Canal is considered to be the Eighth Wonder of the Modern World and has shortened the trip around the continent of South America by 7,000 miles (11,265 kilometers). The Canal itself was first perceived by King Charles V of Spain, who, in 1523 decided to make a survey of the Canal area. The survey was completed in 1524, but the enormity of the task disillusioned the Spanish and discouraged any attempts at construction. In 1894, the Gold Rush brought about both the completion of the Panama Railroad across the Isthmus and the development of the West Coast of the United States. After Panama’s independence from Colombia in1903, Panama and the United States signed a treaty authorizing the construction of the Panama Canal. The United States guaranteed Panama’s independence and, for the sum of $10,000,000, Panama granted the United States power and authority within the then ‘Canal Zone.’ In addition, the United States agreed to pay an annuity of $250,000 beginning nine years after the ratification of the treaty. This annuity was increased to $430,000 in 1936 and to $1,930,000 in 1955. On May 4, 1904, the United States purchased the rights and properties of the Canal construction from the French Canal Company for $40,000,000. Ten years later, after the loss of over 6,000 lives from Yellow Fever and Cholera, the Panama Canal was completed at a cost of $387,000,000.
posted by Hills @ 4:26 PM
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