The events leading to the separation of Panamá from Colombia arise from the desires of business and strategic interests that wished to construct an interoceanic canal between the Atlantic and the Pacific oceans. The concept of such a canal through Panamá dates to the early 16th century. The first attempt to construct the Panama Canal began in 1880 under Colombian control and French leadership. But this effort had failed and another project was being considered through Nicaragua. President Marroquín vehemently opposed such idea and pushed for plan to build the canal through Panamá. Therefore, the administrations of Marroquín and Roosevelt signed the treaty “Tomás Herrán-John Hay" in January 1903. The treaty provided in part that the French company would transfer its construction rights to the US; the US would build, operate and exploit the canal for a period of 99 years; Colombia would receive a down payment of $10 million pesos and royalties of $250 thousand pesos every year until the end of the contract; and that the Colombian Congress would ratify the treaty within eight months. President Marroquín presented the treaty for Congress’ consideration and ratification. Colombian Congress rejected the treaty and Panamá proclaimed its independence.