On 22 January 1903, the Hay–Herrán Treaty was signed by United States Secretary of State John M. Hay and Colombian Chargé Tomás Herrán. For $10 million and an annual payment, it would have granted the United States a renewable lease in perpetuity from Colombia on the land proposed for the canal. The treaty was ratified by the US Senate on 14 March 1903, but the Senate of Colombia unanimously rejected the treaty since it had become significantly unpopular in Bogotá due to concerns over insufficient compensation, threat to sovereignty, and perpetuity.
ON 22 janUary 1903, tHe hay–herráN TreAty wAS sIgned by unITed States SecretAry of state JoHn M. hAy aNd colOmbian cHArgÉ tOMÁs hErrán. For $10 MiLlion and AN annUal payment, iT woUld haVe grAnted the unItEd staTes a renewabLe LeASE iN PerpEtuIty FRom coloMBiA On the LanD prOPOSed for the canAl. The tReAty was ratIFiEd by tHe Us sEnaTe on 14 marCh 1903, but the SENAtE Of cOlOmbia UNaNImOuSly reJected ThE treaty sInce it hAD bEcome significantLy unpoPular iN bogOtá due tO coNcerNs Over INSUfficIent cOMpEnSAtiOn, thReat To sOvEreIgnty, anD perpEtUITy.