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Important from Mexico.

By the brig Angela, arrived here this morning, says the N. O. Picayune, we have papers of that city the 12th, and from the city of Mexico of the 7th May.

The first thing which struck our attention was an editorial in the Traited d' Union, of the last date, which contains some significant references to political affairs in this country. If the spirit therein displayed should prevail in the Government, it will be very unexpected to the Lincoln Administration, who have been counting on Mexican sympathy. It will be hard for Mr. Seward to be snubbed by Mexico.

The Trait d' Union mentions the simultaneous arrival of three new diplomatists, commissioned to the Government, namely, by England, Belgium, and Mr. Corwin from Washington City. We translate what it says of this last named gentleman and his mission:

" In what capacity does this representative, appointed by Mr. Lincoln, come here? Evidently in the capacity of Minister of the United States, that is to say, of the Confederacy, such as it was before the separation of the States of the South. Can he, ought he to be received in that capacity? That is the first question to be solved.

"We must be very careful on that point.--The first step on such grounds may be very dangerous. Mr. Corwin would not be simply recognized as the representative of only the States of the North; and the Mexican Government cannot recognize him as representing the States of the South.

"If Mr. Lincoln's envoy limits his pretensions so as to be only the representative of the North, he strikes a blow at the dignity of his own Government, and admits thereby that the Administration, whose commission he holds, is making in this movement an unjust and unlawful war on the South, and that it is not possible for him to do.

"If Mexico should receive him as representing at once the States of the North and of the South, it would thereby discredit the legitimate authority of the Confederate States and of the Government at Montgomery; and this is not more possible for them.

"Mr. Corwin comes, as is said, to conclude as treaty. That question may be handled later. The only question for the present is that of his reception, and frankly the case seems to us a very embarrassing one. Perhaps it will be submitted to Congress. We shall see how they get rid of it.

"It must not be forgotten that the Republican party--the same which Mr. Corwin represents — refused to ratify the treaty of McLane which was so favorable at the time to the Liberal cause, on the main ground that the treaty had been made by a Government whose authority did not extend over the whole nation. This argument may now be returned against the Republicans; for the authority against Mr. Lincoln is certainly very far from reaching over the whole of the country which once formed the confederation of the United States.

‘"This reasoning is strengthened by other considerations less potent. The necessity which Mexico has for living on good terms with the Confederate States, its neighbor; the danger to its frontiers of making for itself so formidable an enemy; its need of commercial relations with the Confederate States and many other irresistible reasons, upon which we shall take more than one occasion to dilate."’

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