A Frenchman stands outside the U.S. Treasury building, holding in one hand a newspaper that states “Colombia Rejects Canal Treaty” and in the other hand a paper labeled “40,000,000 for France if Treaty is Ratified.” It appears that he was about to cash in a promissory note for $40 million, only to discover at the last moment that it is worthless.
Comments and Context
The disappointed Frenchman in Pughe’s cartoon reflected the angrier (if possible) reaction of President Roosevelt, Secretary of State John Hay, Senator John Spooner (R-WI), and other American proponents of a canal through the Panamanian region of Colombia. A treaty, with all business and financial arrangements, had been negotiated, only to be rejected by the Colombian senate.
Roosevelt regarded the rejection as a sort of blackmail attempt; and French interests who anticipated a $40-million buyout of old concessions feared a permanent default of their claims. When Panama seceded and declared independence, America got its canal agreement; and French claimants were satisfied in the new treaty.