In 1899, the Isthmian Canal Commission was set up to determine which site would be best for the canal (Nicaragua or Panama) and then to oversee construction of the canal. After Nicaragua was ruled out, Panama was the obvious choice. A few problems had arisen, however. With the U.S.' solidified interests in Panama (then a small portion of Colombia), both Colombia and the French company that was to provide the construction materials raised their prices. The U.S., refusing to pay the higher-than-expected fees, "engineered a revolution" in Colombia. On November 3, 1903, Panama (with the support of the United States Navy) revolted against Colombia. Panama became a new republic, receiving $10 million from the U.S. alone. Panama also gained an annual payment of $250,000, and guarantees of independence. The U.S. gained the rights to the canal strip "in perpetuity". Roosevelt later said that he "took the Canal, and let Congress debate". After Colombia lost Panama, they tried to appeal to the U.S. by the reconsidering of treaties and even naming Panama City the capital of Colombia.