I'm presuming that you are referring to the unofficial "peace delegation" of Rives, Somers, Doniphan, and Guthrie. Lincoln did meet with them and offered compromise to them. It was they who refused. If you refer to the delegation of Crawford, Forsyth and Roman that was a dishonest proposition of way too little, far too late. anyway, they weren't there to negotiate, bargain, or (especially) compromise - they were there to make demands.
I found an interesting and revealing comment from Martin Crawford to Robert Toombs March 6, 1861:
I have felt it my duty under instructions from your department, as well as from my best judgment to adopt and support Mr. Seward's policy, upon condition, however, that the present status is to be rigidly maintained. His reasons and my own, it is proper to say, are as wide apart as the poles: he is fully persuaded that peace will bring about a reconstruction of the Union, whilst I feel confident that it will build up and cement our confederacy and put us beyond the reach either of his arms or of his diplomacy. It is well that he should indulge in dreams which we know are not to be realized.In other words, he knows that he is bargaining in bad faith and doesn't care - as long as it gives the insurrectionists time to fortify their positions.
The bloody fools were the slavers who sought war - and got devastation for their trouble.
MONTGOMERY, February 27, 1861.
The President of the United States: Being animated by an earnest desire to unite and bind together our respective countries by friendly ties, I have appointed M. J. Crawford, one of our most settled and trustworthy citizens, as special commissioner of the Confederate States of America to the Government of the United States; and I have now the honor to introduce him to you, and to ask for him a reception and treatment corresponding to his station and to the purpose for which he is sent. Those purposes he will more particularly explain to you. Hoping that through his agency. &c. [sic.] JEFF'N DAVIS.
For the purpose of establishing friendly relations between the Confederate States and the United States, and reposing special trust, &c., Martin J. Crawford, John Forsyth, and A. B. Roman are appointed special commissioners of the Confederate States to the United States. I have invested them with full and all manner of power and authority for and in the name of the Confederate States to meet and confer with any person or persons duly authorized by the Government of the United States being furnished with like powers and authority, and with them to agree, treat, consult, and negotiate of and concerning all matters and subjects interesting to both nations, and to conclude and sign a treaty or treaties, convention or conventions, touching the premises, transmitting the same to the President of the Confederate States for his final ratification by and with the consent of the Congress of the Confederate States.
Given under my hand at the city of Montgomery this 27th day of February, A.D. 1861, and of the Independence of the Confederate States the eighty-fifth.
JEFF N DAVIS.
ROBERT TOOMBS, Secretary of State.