Mr. Seward, in a despatch, dated at Washington, December 4, 1861, declined to join in the Convention, saying, “that the United States prefer, as much as lies in their power, to maintain the traditional policy recommended by the Father of their country, confirmed by successful experience, and which forbids them to make an alliance with foreign powers.” In pursuance of this Convention, the naval and military forces of the three great powers have assembled at San Juan de Ulua, and the flags of the three powers now float over the castle. The Government of Mexico has rallied the people to resistance, and there is at this moment the prospect of a prolonged and exhausting contest. The occasion seems to have arrived, when the aid proposed by Mr. Seward, in his despatch of September 2, 1861, may be of decisive value to Mexico. To the United States it may also be of great importance, if it could be the means of removing from Mexico the pressure of hostile armaments, and placing a neighbor republic in a more tranquil and independent condition. If the Allied Powers desire security for their claims, and nothing else, then a reasonable provision of this nature ought to be satisfactory, so far as any question arises from the claim. The debt of Mexico to the Allied Powers may be stated, in round numbers, as follows. To England, immediate $ 1,000,000 convention, 4 per cent interest 5,000,000 bondholders, 3 per cent interest 65,000,000 general claims 4,000,000 ----------$75,000,000 To France, immediate 500,000 convention, balance, immediate 200,000 Pennand agreement 800,000 claims, general 3,500,000 ---------- 5,000,000 To Spain, immediate 500,000 convention, 3 per cent interest 8,000,000 claims 1,500,000 ---------- 10,000,000 ---------- Total $90,000,000 Of course, payment or guaranty of this large mass on our part is out of the question; nor was it contemplated by the United States in the original instructions to Mr. Corwin. It was proposed to make such payment as would afford present relief to Mexico, and secure the forbearance of the Allied Powers. To this end, Mr. Seward offered to assume the interest of the Mexican debt for the term of five years. But the unfunded claims in the foregoing list, entitled “immediate,” it is understood, are pressed with equal energy by the Allied Powers. If these were satisfied, and provision made for the interest, the United States would have the following liabilities.