PANAMA: In Arrears

For rental of the Canal Zone, the U. S. Government in 1904 contracted to pay the Republic of Panama $250,000 annually. When President Roosevelt knocked the U. S. dollar down to 59¢ in 1934, the U. S. handsomely agreed to up the annual rent to $430,000. But since the day the new rent was first due (Feb. 26, 1934), the U. S. has paid not a cent, now owes $2,150,000. Reason: The new agreement was buried in the revamped U. S.-Panama treaty, still unratified by the U. S. Senate, presumably because of the fear that other concessions in...

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