Answer (Briefed and Short):
The French Canal Property and Equipment were to be purchased by the United States for a price not to exceed $40 million in 1902. The United States and Colombia then started drafting a deal on Panama. The American Department of War would oversee the dig. Roosevelt's detractors began referring to his methods as "Big Stick Diplomacy." It was a sarcastic manner of criticizing the president for resorting to force rather than engaging in conventional international diplomacy (dialogue). Find Panama, Colombia, and the Panama Canal on the map below.
Longer Answer:
At a period when the American railway system was still developing, Roosevelt sought to connect the Eastern and Western coasts of the country in an effort to unify the country.
Additionally, by building a canal across Central America, the United States could project its naval force in both oceans with a single fleet that could move quickly between them rather of having to construct two distinct fleets (one for each ocean).
Both goals were met, and the canal ended up being a great investment for the United States.
Since the canal was quickly turning into more of a political liability than an asset (i.e. projecting an image of U.S. colonialism) due to the development of the modern U.S. transportation system (such as railways and highways) and the "carrier attack group" replacing the battleship as the foundation of U.S. naval power (modern carriers are too large to fit into the canal), the U.S. transferred the canal to Panama.
Since that time, Panama has managed the canal rather effectively and even increased its capacity by constructing a third set of locks, a project that American taxpayers would have most likely opposed if the canal had remained in their hands.
How many years and how much money did it cost to create the Panama Canal?
Well, a war was necessary first. The United States and Columbia concluded a deal in 1903 allowing the United States to construct a canal through what is now Panama. The pact was swiftly passed by the US Congress. The Columbian Senate, however, objected. As a result, Theodore Roosevelt armed a group of Columbians fighting for independence as soon as possible.
Beginning on November 3, 1903, the uprising. To stop Columbia from sending soldiers to put down the uprising, the United States stopped its railroads from Northern Columbia. A vessel manned by US Marines was also sent by the US to offer support if needed. The United States paid the newly formed Panamanian government $10 million on August 18 and promised to begin paying $250,000 annually for leasing the area around the projected canal when the war ended in three days (starting a decade later).
Building the canal took ten years. Before abandoning up, France labored on the building for over a year. From that moment on, the U.S. assumed control.
The canal's construction claimed the lives of around 6,000 French, American, Caribbean, and other laborers. But we discovered how to make vaccinations to stop viruses carried by mosquitoes. The canal was built by the United States at a cost of $500 million (about $15 billion today). And before the United States gained over, the French invested at least $250 million.
However, the expenses continued after then. A water deficit ten years later made it difficult to send ships via the canal. In order to maintain a steady supply of water, a substantial dam had to be erected, and a substantial lake had to be established. The projected $25 million price tag for the Madden Dam. The Canal and Dam required around $10 million in annual maintenance.
China sought to finance and invest in a second canal across Nicaragua years ago. I'm not sure if construction has ever started on it.
Thank you,
Eddie
