We take the following communication of Mr. Smith, from the North American of this morning.

"In compliance with this arrangement, I came to this city this evening, accompanied by three of my friends conversant with my father's handwriting, viz; Hon. Louis McLane, Robert Gilmore, and Robert Purviance, Esqrs., and was met at the place and hour of appointment by William B. Reed and Henry Reed, Esqrs., and waited there until half-past eight o'clock, without the appearance of the author of "Valley Forge," or any of his friends.

JNO. SPEAR SMITH.

Washington House, Parlor No. 3,

Monday, October 24th, 1842.

In relation to this matter, we received through the Post-Office this morning, the following explanation from Valley Forge.

"Mr. Whitney:—I am unable to express my mortification at the unhappy and unexpected accident which has prevented my meeting the Messrs. Reed and Mr. John Spear Smith this evening, at the time and place appointed by them, for the purpose of having tested the authenticity of General Samuel Smith's letters to Colonel ——, Col. —— is my near relative, and though in his ninety-third year, has till last Thursday, enjoyed the most excellent health for one of so advanced an age. As he will not permit the originals to be taken out his sight, I intended of course that he should accompany me as one of my three friends. His sudden and severe illness has rendered this impossible; he refuses to part with the documents even for a temporary purpose, and I have thus been compelled to submit for the present to this most mortifying piece of ill-fortune.

No doubt the exultation of the Messrs. Reed will be violent, but let me say to them, it will be but short-lived. But a brief time will pass, and all the papers which I have published, and many more which are yet to come, will be fully proved and laid before the public. When Colonel ——'s health is restored, I do not doubt that I shall prevail upon him to place them in my hands, when I shall see Mr. John Spear Smith with them at Baltimore and have the Messrs. Reed see them here.

VALLEY FORGE.

October 24th, 1842."