We intend to begin on the first of February unrestricted submarine warfare. We shall endeavour in spite of this to keep the U.S.A. neutral. In the event of this not succeeding we make Mexico a proposal of alliance on the following basis:-
MAKE WAR TOGETHER
MAKE PEACE TOGETHER
Generous financial support and an understanding on our part that Mexico is to reconquer the lost territory in Texas, New Mexico and Arizona. The settlement in detail is left to you.
You will inform the resident of the above most secretly, as soon as the outbreak of war with the U.S.A. is certain and add the suggestion that he should on his own initiative invite Japan to immediate adherence and at the same time mediate between Japan and ourselves.
Please call the President's attention to the fact that the ruthless employment of our submarines now offers the prospect of compelling England in a few months to make peace.