The statue is of a robed female figure representing Libertas, the Roman goddess of freedom, who bears a torch and a tabula ansata (a tablet evoking the law) upon which is inscribed the date of the American Declaration of Independence, July 4, 1776. A broken chain lies at her feet. [Wikipedia]
Symbolizing abolition.
It didn't have much to do with immigration. The message to the world was that America and France had liberated their own countries and you should admire this statue, then be inspired to go home and liberate your own country.