The international company failed the digging of the canal, but then in 1880 Ferdinand Marie de Lesseps, the head of a French company proposed a sea level canal . He created an international Congress to talk about different systems for building a ship canal, just like the one he built in Egypt. .
After the construction of the Panama Canal, de Lesseps was appointed chairman. In 1899 the US Congress created an Isthmian Canal Commission. The Commission first decided to make a route through Nicaragua but they knew that the Panama route was better. The US commission bought the Lesseps Company's possessions at a price of $40 million . In the Hay-Bunau-Varilla treaty, the United States assure the independence of Panama and secure a continuous rent on a 10-mile strip for the canal also called the Canal Zone. The treaty was signed. Panama was paid a primary payment of $10 million and a pension of $250000 . .
The Panama Canal has around 51 miles of length. First, when you take the Atlantic entrance you have to pass through a 7 mile dredged channel in Limon Bay, then you go 11.5 miles to the Gatun Locks . At the Gatun Locks, the ships are lift up 26 meters. Then the journey carries on through a channel in Gatun Lake for 32 miles to Gamboa. The Culebra Cut begins at Gamboa. The Culebra Cut is 8 miles long and 150 meters wide. Pedro Miguel Locks are at the end of the Cut, these locks lower ships 9.4 meters to a lake that takes you to the Miraflores Locks. The Miraflores Locks lower ships 16 meters to the Pacific .
The Panama Canal was constructed in two phases. The first phase was from 1881 to 1888. The work was first carried out by the French company and then taken by the Americans. The Americans finished the canal during 1904 and 1914. On March 12th, 1881, the contract for the construction of the canal was signed, and it estimated the cost of 512 million French francs . .
The excavation of the Culebra Cut was started during 1882.
