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 interest5,000,000
bondholders, 3 per cent interest65,000,000
general claims4,000,000
—————$75,000,000
To France,immediate500,000
convention, balance, immediate200,000
Pennand agreement800,000
claims, general3,500,000
—————5,000,000
To Spain,immediate500,000
convention, 3 per cent interest8,000,000
claims1,500,000
—————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.

Payments, immediate, or at 3, 6, and 12 months, as follows.
To England, 3, 6, and 12 months’ drafts of Mexico on United States$1,000,000
To France, 3, 6, and 12 months’ drafts of Mexico on United States700,000
To Spain, 3, 6, and 12 months’ drafts of Mexico on United States500,000
—————
Total cash, or 3, 6, and 12 months$2,200,000
Interest, in semi-annual drafts of Mexico on the United States.
To England, convention, 4 per cent$200,000
bondholders, 3 per cent1,950,000
—————$2,150,000
To Spain, convention, 3 per cent240,000
—————
Total interest, per annum$2,390,000

Other outstanding claims of the Allied Powers are not included in either of these lists. It is proposed that these should be provided for by a sinking fund, at the rate of 10 per cent a year for ten years, as follows.

To England$400,000
To France80,000
To France350,000
To Spain150,000
————
Total, per annum$980,000

The assumption of all these liabilities for a long period would throw upon the United States a burden too great for the present moment, although, perhaps, not out of proportion to the anticipated advantages. If anything be done on our part, it must be more moderate. The offer of Mr. Seward for five years, if accepted, would devolve upon the United States a responsibility sufficiently large; and this responsibility ought to be kept within a limitation, of which $15,000,000 should be a maximum.

But there are two conditions to be required by the United States, before the assumption of any such responsibility. The first is the assent of the Allied Powers, and the acceptance on their part of the friendly offers proposed. Unless the Allied Powers are parties to the transaction, it would be productive only of embarrassment and loss, without accomplishing any permanent good to the United States or to Mexico.

The other essential condition is, that security should be given by Mexico for the liabilities assumed. It is not too much to expect such security; nor is Mexico, as is well known, disinclined to give it. Her creditors are now foreclosing their demands, at the cost, perhaps, of her national existence, and she turns to the United States for help. Not merely friendship, but a continental policy, affecting our own cherished interests, prompts us to afford such help, so far as in our power. In asking for security, we simply follow the rules of prudence, whether between individuals or nations.