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Hay-Herran Treaty
The Hay-Herran Treaty was a treaty signed on January 22, 1903 between Secretary of State John M. Hay of the United States and Dr. Tomas Herran of Colombia. Had it been ratified, it would have allowed the United States to acquire a renewable 99-year lease on a 6-mile wide strip across Panama (which was then part of Colombia) for $10 million and an annual payment of $250,000. It was ratified by the United States Senate on March 14, but it was not ratified by the Senate of Colombia, and did not go into effect.
It has been considered by later observers that this happened mainly because Herran had negotiated the treaty with little government or legislative oversight. It has also been mentioned that many of the politicians and congressmen found the amount offered to fall short, considering that the United States was willing to pay $40 million for the New Panama Canal Company.
The United States government was not willing to renegotiate the treaty with Colombia or alter the amounts involved and soon gave its support, both political and military, to a planned uprising in Panama, which led to its independence and to the eventual construction of the Panama Canal.
See also
Clayton-Bulwer Treaty
Hay-Pauncefote Treaty
Hay-Bunau Varilla Treaty
John Hay
Panama Canal
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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article Hay-Herran Treaty
