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The Panama Canal cost the United States about $375 million, including $10 million paid to Panama and $40 million paid to the French company. Although it was the most expensive construction project in US history to that time, it cost about $23 million less than the 1907 estimate despite landslides and an increase in the canal's width.
A minimal workforce of a few thousand people was employed primarily to comply with the terms of the Colombian Panama Canal concession, to run the Panama Railroad, and to maintain the existing excavation and equipment in salable condition. The company sought a buyer for these assets, with an asking price of US$109,000,000 ($3.84 billion in 2023).
The Isthmian Canal Commission (often known as the ICC) was an American administration commission set up to oversee the construction of the Panama Canal in the early years of American involvement. Established on February 26, 1904, it was given control of the Panama Canal Zone over which the United States exercised sovereignty. [ 1 ]
A ship is guided through the Panama Canal's Miraflores locks near Panama City on April 24, 2023. (Luis Acosta/AFP/Getty Images)
The US-controlled canal quickly became a vital asset for American commerce and the US Navy.. Panama received a $10 million initial payment from the US for the territory followed by $250,000 each ...
In 1501, Rodrigo de Bastidas was the first European to explore the Isthmus of Panama sailing along the eastern coast. A year later Christopher Columbus on his fourth voyage, sailing south and eastward from upper Central America, explored Bocas del Toro, Veragua, the Chagres River and Portobelo (Beautiful Port) which he named.
President-elect Trump criticized Jimmy Carter's diplomacy that led to the Panamanians regaining control of the PCZ nearly 100 years after Teddy Roosevelt helped the U.S. take it over.
Four Centuries of the Panama Canal. New York, New York: Henry Holt and Co. OCLC 576076780. Lafeber, Walter. The Panama Canal: The Crisis in Historical Perspective (3rd ed. 1990). McCullough, David (1977). The Path Between the Seas: The Creation of the Panama Canal, 1870–1914. New York: Simon & Schuster. ISBN 0-671-24409-4.