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New York, July 21.

— A dispatch from Niagara Falls says an interview has taken place between Clay, Thompson and Harcourt, who claim to be commissioners from the rebel government to seek terms of peace, and Mr. Greeley, who was authorized by Mr. Lincoln to act in the matter.

The commissioners proposed a restoration of the Union in statu quo upon this basis:

1st. All negroes which have been actually freed by war to be secured in such freedom.

2d. All negroes at present held as slaves, to remain so.

3d. The war debt of both parties to be paid by the United States.

4th. The old doctrine of state rights to be recognized in reconstructing the Union.

This proposition was laid before Mr. Lincoln by Mr. Greeley.

The president at once telegraphed to Mr. Greeley the terms upon which he would propose a settlement and reconstruction, to wit:

The full and complete restoration of the Union in all its territorial integrity.

The abandonment of slavery by the seceded states under conditions which should, while respecting the rights of loyal men, afford ample security against another war in the interest of slavery.

After considerable correspondence between the parties, it was concluded to refer the whole matter back to the two governments for reconsideration.