The Spanish and American peace commissions met in joint session at 2 o'clock this afternoon. The Americana declared the United States must have the entire Phillipine archipelago, and for a treaty cession of the islands the Americaus tendered to Spain 120,000,000. It is further declared that it is the purpose of the United States to maintain the Phillipine Islands as an "open door" to the world's commerce. On the terms named, the United States proposes a mutual relinquishment of all claims for indenmity, national or personal, subsequent to the outbreak of the last Cuban iusurrection. Nov. 28 is flxed as the date on which the United States conmiission desires a deflnite response to today's propositions and all other subjects in isstie here. It is also declared that the United States desire to treat on the religious freedom of the Caroline Islands, as agreed upon betweenthe United States and Spain in 1886, and also of the acquisition of oue of the Caroline Islands for an American naval station, and of cable-landing rights at other places in Spanish jurisdiction and the revival of certain American treaties as heretofore in force. The meeting was then adjourned until "Wednesday.