Loudon Free Press

Important Treaty with England.--The New-York Herald learns, probably from its Liverpool correspondent, Consul Saunders, that either the Herman, from Southampton, or the America, from Liverpool--the next steamers due--will bring the draft of a convention concluded between Mr. Buchanan and Lord Aberdeen, on behalf of their respective governments, by which England admits, in the approaching European war, the doctrine that the flag covers both ship and cargo, and that free ships make free goods; also renouncing the right of search for the imprisonment of seamen so far as American vessels are concerned, and conceding the restriction as to the law of blockade. In return, the United States is pledged to strict neutrality and non-interference in the coming contest between the Western Powers and Russia. This important treaty, the Herald states, has been negotiated by Mr. Buchanan, without instructions from Washington.