Seventy-three years ago the U.S. connived in the secession of the Republic of Panama from Colombia in return for the privilege of building a canal across the Panamanian Isthmus "on a strip of land leased in perpetuity." Within this 533-square-mile zone the U.S. was to exercise, forever, all those rights that it "would possess and exercise if it were the sovereign of the territory..." Today the significance of that "if" is much debated.

Although Ronald Reagan's campaign position—that the Panama Canal Zone is as much a part of the U.S. as is Alaska—has been deplored by the Ford Administration, it maintains strong support in the Senate.