Was the US going to build a canal in Nicaragua when French were building Panama Canal?

The US considered building a canal in Nicaragua, with the support of Cornelius Vanderbilt, during the time that the French were constructing the Panama Canal. Nicaragua was seen as a viable alternative route for a canal connecting the Atlantic and Pacific Oceans. The US even negotiated a treaty with Nicaragua, granting rights to build a canal, known as the Nicaragua Canal Treaty of 1867.

Ultimately, the US decided to support the construction of the Panama Canal, primarily because of the advancements made in engineering and the progress of the French project. Additionally, the US gained control of the Panama Canal Zone after the Spanish-American War in 1898, which solidified the decision to build the canal in Panama.