The Hay–Herrán Treaty was a treaty signed on January 22, 1903 between United States Secretary of State John M. Hay of the United States and Tomás Herrán of Colombia. Had it been ratified, it would have allowed the United States a lease that was to remain in force in perpetuity on a six-mile-wide strip across the isthmus of Panama (then part of Colombia) for $10 million and an annual payment of $250,000, both payments being in gold coin. It was ratified by the United States Senate on March 14, but it was not ratified by the Senate of Colombia, so it had no effect.
It has been considered by later observers that this happened mainly because Herrán had negotiated the treaty with little government or legislative oversight. It has also been mentioned that many of the politicians and congressmen found the amount offered to fall short, considering that the United States was willing to pay $40 million for the New Panama Canal Company and its construction equipment and excavations. However, the annual payment of $250,000 in gold coin would have eventually exceeded the $40 million.
The United States government was not willing to renegotiate the treaty with Colombia or alter the amounts involved and soon gave its support, both political and military, to a planned uprising in Panama, which led to its independence and to the eventual construction of the Panama Canal.
- Spooner Act
- Clayton–Bulwer Treaty
- Hay–Pauncefote Treaty
- Hay–Bunau-Varilla Treaty
- Separation of Panama from Colombia
- Mellander, Gustavo A.(1971) The United States in Panamanian Politics: The Intriguing Formative Years. Daville, Illinois: Interstate Publishers. OCLC 138568.
- Mellander, Gustavo A.; Nelly Maldonado Mellander (1999). Charles Edward Magoon: The Panama Years. Río Piedras, Puerto Rico: Editorial Plaza Mayor. ISBN 1-56328-155-4. OCLC 42970390.