Theodore Roosevelt was in office when he was authorized by the US Congress to purchase rights to build the Panama Canal through the passing of the Spooner Act in 1902.

Colombia

It was $100 million at first then it dropped to $40 million and Congress then passed the Spooner Act in 1902.

The US purchased the Panama Canal from France in 1903 for $40 million.

The Panama canal made it so ships did not have to go all they around South America to get to the targeted area.