The decrypt and translation:
On the first of February, we intend to begin unrestricted submarine warfare. In spite of this, it is our intention to endeavor to keep the United States of America neutral.
In the event of this not succeeding, we propose an alliance on the following basis with Mexico: That we shall make war together and make peace together. We shall give generous financial support, and an understanding on our part that Mexico is to reconquer the lost territory in New Mexico, Texas, and Arizona. The details of settlement are left to you.
You are instructed to inform the President [of Mexico] of the above in the greatest confidence as soon as it is certain that there will be an outbreak of war with the United States and suggest that the President, on his own initiative, invite Japan to immediate adherence with this plan; at the same time, offer to mediate between Japan and ourselves.
Please call to the attention of the President that the ruthless employment of our submarines now offers the prospect of compelling England to make peace in a few months.
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