Seeing that the Americans were likely to build a Nicaragua Canal, the owners of the defunct French company, including Philippe Bunau-Varilla, who still had exclusive rights to the Panama route, lowered their price. Beginning in early 1902, President Roosevelt became a backer of the latter route, and Congress passed legislation for it, if it could be secured within a reasonable time. In June, Roosevelt told Hay to take personal charge of the negotiations with Colombia. Later that year, Hay began talks with Colombia's acting minister in Washington, Tomás Herrán. The Hay–Herrán Treaty, granting $10 million to Colombia for the right to build a canal, plus $250,000 annually, was signed on January 22, 1903, and ratified by the United States Senate two months later. In August, however, the treaty was rejected by the Colombian Senate.