The First Spooner Act of 1902 (also referred to as the Panama Canal Act, 32 Stat. 481)1 was written by a United States senator from Wisconsin, John Coit Spooner, enacted on June 28, 1902, and signed by President Roosevelt the following day. It authorized purchasing the assets of a French syndicate called the Compagnie Nouvelle du Canal de Panama, provided that a treaty could be negotiated with the Republic of Colombia.
The syndicate, headed by Philippe-Jean Bunau-Varilla, sold at a price reduced from $110 million to only $40 million. US lawyer William Nelson Cromwell subsequently received a commission of $800,000 for his lobbying.234
The Spooner Act was followed by the Hay–Bunau-Varilla Treaty of November 18, 1903.
References
References
- "Records of the Panama Canal". US National Archives. Retrieved 12 January 2014.
- "Panama Canal Act [1902]". History Central. Retrieved 12 January 2014.
- "AMERICAN CANAL CONSTRUCTION". Panama Canal Authority. Retrieved 12 January 2014.
- Kinzer, Stephen (2007). "3. From a Whorehouse to a White House". Overthrow: America's Century of Regime Change from Hawaii to Iraq. pp. 56-62.
External links
External links
- http://www.czbrats.com/Builders/spooner.htm
- http://www.answers.com/topic/panama-canal-purchase-act-1902