Was the United State's action in aquiring the Panama Canal ethical?

It would be difficult to defend the U.S. action in
acquiring the Canal as ethical.  U.S. interest in the canal was the result of a book by
Admiral Alfred Thayer Mahan, The Influence of Sea Power on History.
Admiral Mahan argued that if the United States was to become/remain a great
power, it would need, among other things, an isthmian canal. At the time the canal was
under consideration, Panama was part of Colombia. The terms of the Bidlack
Treaty stated that the United States would guarantee Colombian sovereignty
over Panama; and the Clayton-Bulwer Treaty between the U.S. and
Britain stated that no canal would be build across Panama without mutual consent. This
was later modified to remove that annoying obstacle.

The
United States offered Colombia $10,000,000 plus an annual lease payment for the right to
finish the canal, which had been begun (and abandoned) by the same French company that
had dug the Suez Canal. Panama refused, and asked for $25,000,000, in response to which
President Theodore Roosevelt flew into a rage and made several racial remarks about the
Colombians.

The Panamanians staged a revolt against
Colombia, and the United States conveniently placed warships near the border to prevent
Colombian troops from reaching the area by sea. Since they could not cross the jungle to
get there, the revolt was quickly successful. A representative of the French Company,
one Bunau-Varilla, who had travelled to Washington and apparently arranged for the U.S.
warships to be deployed returned to Washington as the new ambassador from Panama. On his
arrival, President Roosevelt recognized Panama's independence. In exchange for the
recognition, Panama granted the U.S. the right to dig the
canal.

Colombia was deeply offended, and broke diplomatic
relations with the U.S. Later, during the Warren Harding administration, the U.S. paid
Colombia $25,000,000 because the U.S. needed Colombian oil; but did not
apologize.

An ironic note: when President Carter agreed to
return the Canal to Panama, a Republican who opposed the move commented, "we stole it
fair and square; now Carter wants to give it back."