IMPORTANT.

---

New-York, July 31.

Yesterday afternoon the U. S. sloop of war Hornet, Capt. Reid, arrived at this port from Cadiz, with dispatches for Government. She sailed on the 2d inst. and we learn, that at the time of her departure, the treaty agreed upon here between our government and Don Onis, the Spanish minister at our court, HAD NOT BEEN RATIFIED. On the receipt of the dispatches by the House, we shall probably be made acquainted with the nature of the delay on the part of the King of Spain. Upon the whole, were we to hazard a conjecture on this important question, judging from existing circumstances, it would be, that there is little hope of an amicable adjustment with the government of Spain.

Capt. Reid was at Madrid 44 days, and left there on the 26th June; and we have no doubt will be able, on his arrival at Washington, to give some import ant information. Capt. R. proceeds this morning with the dispatches.

Capt. Reid informs, that the crops in Spain were never more abundant.

A Spanish squadron of 6 ships of 74 guns, 8 of from 36 to 44 guns, and several sloops of war, &c. were lying in the harbor off Cadiz. It was currently reported there that 18,000 troops would also embark, and the whole be destined for the protection of the Floridas, and not for South America, as was originally contemplated. A French squadron of 1 frigate and 6 brigs, have joined the expedition; we learn they will sail under the Spanish flag.

An action was fought off Cadiz, about the l5th June, between the Spanish national gun-brig Voluntaro, of 14 guns, and the Buenos Ayres government brig Independencia, of 18 guns, when, shameful to relate, the latter was defeated. The Voluntaro had arrived at Cadiz, much cut up in sails and rigging. Both vessels fought under the flag of the U.S.

The officers and crew of the Patriot privateer Constitution, taken some time since near Gibraltar, (after being on shore), are at Cadiz, in dungeons. Gen. O’Donnel, governor of Cadiz, had received an order from the King, granting a pardon to all Spanish subjects found on board that vessel and a command to execute all the foreigners. He, however, remonstrated against this barbarity. - The result of his refusal we do not know; 70 Americans are among the prisoners.

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