The Treaty of Paris of 1898 was an agreement made in 1898 that involved Spain relinquishing nearly all of the remaining Spanish Empire (especially Cuba), and ceding Puerto Rico, Guam, and the Philippines to the United States. The cession of the Philippines involved a payment of $20 million from the United States to Spain. The treaty was signed on December 10, 1898 and ended the Spanish–American War. The Treaty of Paris came into effect on April 11, 1899 when the documents of ratification were exchanged.

The Treaty of Paris marked the end of the Spanish Empire (apart from some small holdings in North Africa). It marked the beginning of the age of the United States as a world power. Many supporters of the war opposed the treaty, and it became one of the major issues in the election of 1900 when it was opposed by Democrat William Jennings Bryan because he opposed imperialism. Republican President William McKinley upheld the treaty and was easily reelected.

More Info: en.wikipedia.org