The Panama Canal
Everything Everywhere Daily
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The History of the Panama Canal Project
The French project declared bankruptcy in 1889, and the investments of over 800,000 investors vanished. In 1894, a second French company took over the project and advocated a system of locks rather than a sea level canal. The United States purchased all the assets from the French canal company for $40 million but still hadn't negotiated the rights to the canal. Unable to secure a treaty with Colombia, the United States threw its weight behind the Panamanian independence movement. On November 3, Panama declared independence from Colombia and was immediately recognized by the United States.
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