No. 15.

[Telegram.]

Mr. Bancroft to Mr. Fish.

The three Experts to whom the American Memorial on the Canal de Haro and the British Case were referred, have made, each for himself, a very elaborate report on the question, supporting their opinions by reasons stated with technical precision and exactness. The Emperor has also, with the highest sense of official duty, given his personal attention to the subject, and after the most careful study and deliberation, he has arrived at the conclusion satisfactory to his own sense of justice.Claim of the United States of America most in accordance with the true interpretation of the Treaty.

The reports of the Experts, with reasons, have not been communicated to us. The decree of the Imperial Arbitrator which has been communicated has the form not so much of a decree in council as of a cabinet order. It does not enter into any elaborate exposition of the decision, but, without diverging in the least from the point presented for arbitration, decrees that the claim of the United States of America is most in accordance with the true interpretation of the Treaty of June 15, 1846. I shall forward the official copy of the decree by a special messenger.

BANCROFT.