Panama Canal History

Dating back to the 16th century, the Panama Canal history involves a lot of races in its account of construction. It started when King Charles V suggested that a piece of land be cut into half so that the ships bringing gold taken from Peru and Ecuador will reach Spain safe and sound. It was actually that period where there were a lot of pirates who were attracted to the treasures becoming such jeopardy to the conquistadors.

In 1529, a survey was ordered but because of the frequent battles in Europe with the purpose of controlling the kingdoms in the Mediterranean Sea, it was out on hold marking the first failure in the Panama Canal history. By 1534, a Spaniard official recommended another route close to where it is presently located. However, there were no concrete actions until the Spanish government grew tired of it and eventually abandoned the idea.

Upon the dawning of the 19th century, German author Alexander Von Humboldt revived the initiative and in 1819, the Spanish government now took it seriously. Panama Canal history would render that they formally authorized a company to build it. It was at that period as well as gold was discovered in California which stirred up the Americans in also digging the channel.

Between 1850 to 1875, a lot of other studies were made and it revealed that only there were only two directions practical. One was across the present country of the world- renowned channel while the other is in Nicaragua. In 1876, there was a foreign institution founded where in 1878, it received permission from the Colombian government to excavate in the isthmus. Panama Canal history once again stated that it after Colombia gained national independence, the referred region became a province under them. Then again, the international company did not succeed where by 1880, a French corporation was instigated by Ferdinand Marie de Lesseps, the person responsible for the Suez Canal in Egypt. He was very confident that after a decade of a groundbreaking project, he would make a repeat by completing another water circle around the globe.

Even though he was not an engineer, he was selected as chairman for the building. When he took charge, he came up with a congress in order to discuss several methods. He preferred a sea- level channel basing on his first victorious venture. In 1899, the United States became very interested and conducted a research. When Lesseps knew about it, he sold his assets at a price of $40million. The treaty of Hay- Bunaua- Varilla then followed by which the US guaranteed a perpetual lease on 10- mile strip. They were compensated initially at $10million with an annuity of $250, 000 that begun in 1913. From there, as what they say, the rest is the past.