The First Spooner Act of 1902 (also referred to as the Panama Canal Act, 32 Stat. 481) was written by a

United States senator The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and p ...

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 French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...

syndicate called the ''Compagnie Nouvelle du Canal de Panama'', provided that a

treaty A treaty is a formal, legally binding written agreement between actors in international law. It is usually made by and between sovereign states, but can include international organizations, individuals, business entities, and other legal perso ...

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. The Spooner Act was followed by the Hay–Bunau-Varilla Treaty of November 18, 1903.

References

External links

* http://www.czbrats.com/Builders/spooner.htm * http://www.answers.com/topic/panama-canal-purchase-act-1902 {{Panama-stub Panama Canal

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External links