By the treaty the Compagnie Nouvelle was authorized to sell its “rights, privileges, properties, and concessions” to the United States, and Colombia granted the United States control of a canal zone six miles wide from Colón to Panama City, but not including either of those cities. The franchise was for a hundred years and was renewable at the option of the United States. In return the United States was to pay the Republic of Colombia the lump sum of $10,000,000 cash (gold) plus an annual rent of $250,000.
