Panama Canal
Colombia, France, and later the United States controlled the territory surrounding the canal during construction. The US continued to control the canal and surrounding Panama Canal Zone until the 1977 Torrijos–Carter Treaties provided for handover to Panama. After a period of joint American–Panamanian control, in 1999, the canal was taken over by the Panamanian government. It is now managed and operated by the government-owned Panama Canal Authority.
History of the Panama Canal
Theodore Roosevelt believed that a US-controlled canal across Central America was a vital strategic interest of the country. This idea gained wide circulation after the destruction of the USS "Maine" in Cuba on February 15, 1898. Reversing a Walker Commission decision in favor of a Nicaraguan canal, Roosevelt encouraged the acquisition of the French Panama Canal effort. George S. Morison was the only commission member who argued for the Panama location. The purchase of the French-held land for $40 million was authorized by the June 28, 1902 Spooner Act. Since Panama was then part of Colombia, Roosevelt began negotiating with that country to obtain the necessary rights. In early 1903 the Hay–Herrán Treaty was signed by both nations, but the Senate of Colombia failed to ratify the treaty.