exclusive control over a canal there. The war had exposed the difficulty of maintaining a two-ocean navy when the Navy had to sail all the way around South America to reach the Pacific. Now, with American business and military interests even more involved in Asia, a canal seemed more essential than ever, and McKinley pressed for a renegotiation of the treaty. Hay and the British ambassador, Julian Pauncefote, agreed that the United States could control a future canal, provided that it was open to all shipping and not fortified. McKinley was satisfied with the terms, but the Senate rejected them, demanding that the United States be allowed to fortify the canal. Hay was embarrassed by the rebuff and offered his resignation, but McKinley refused it and ordered him to continue negotiations to achieve the Senate's demands. He was successful, and a new treaty was drafted and approved, but not before McKinley's assassination in 1901. The result under Roosevelt was the Panama Canal. Tariffs and bimetallism McKinley had built his reputation in Congress on high tariffs, promising protection for American business and well-paid American factory workers. With the Republicans in control of Congress, Ways and Means chairman Dingley introduced the Dingley Act which would raise rates on wool, sugar, and luxury goods. McKinley supported it and it became law. American negotiators soon concluded a reciprocity treaty with France, and the two nations approached Britain to gauge British enthusiasm for bimetallism. Prime Minister Lord Salisbury and his government showed some interest in the idea and told American envoy Edward O. Wolcott that he would be amenable to reopening the mints in India to silver coinage if the Viceroy's Executive Council there agreed. News of a possible departure from the gold standard stirred up immediate opposition from its partisans, and misgivings by the Indian administration led Britain to reject the proposal. With the international effort a failure, McKinley turned away from silver coinage and embraced the gold standard. Even without the agreement, agitation for free silver eased as prosperity began to return to the United States and gold from recent strikes in the Yukon and Australia increased the monetary supply even without silver coinage. In the absence of international agreement, McKinley favored legislation to formally affirm the gold standard, but was initially deterred by the silver strength in the Senate. By 1900, with another campaign ahead and good economic conditions, McKinley urged Congress