Panama Canal
France began work on the canal in 1881, but stopped due to engineering problems and a high worker mortality rate. The United States took over the project in 1904 and opened the canal on August 15, 1914. One of the largest and most difficult engineering projects ever undertaken, the Panama Canal shortcut greatly reduced the time for ships to travel between the Atlantic and Pacific Oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan.
History of the Panama Canal
The new effort never gained traction, mainly because of US speculation that a canal through Nicaragua would render one through Panama useless. The most men employed on the new project was 3,600 (in 1896), primarily to comply with the terms of the concession and to maintain the existing excavation and equipment in saleable condition. The company had already begun looking for a buyer, with an asking price of $109 million.