This article analyzes the origin limitations of the Federal State of Panama. The author remarks the centralist-federalist spirit of that political institution. He studies the speculation and the monopoly of uncultivated lands. He recognizes the endangered and controversial incomes of the original entity. Both the annexionist threats and the centralist reactions are viewed. Also, he points out the difficult beginning of the Federal State of Panama: internal divisionism, Colombian interference andAmerican hegemony.