Correspondence of ihe Joarnai dnd Flqg. WASHINGTON CITY, June Huh. HIGHLY IMPORTANT.
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A settlement Of the Oregon question is at hand yesterday the President sent a message 10 the Senate communicating a proposition lately mace by the British minister, and asking the advice ofthe Senate thereon It is propo- sed to adopt fory-nlne as the lIne of boundary, giving 10 Great Britain all of the island of Vancouver, aGd the free use of The Columbia to the Hudson Bay company uut'l the expira. tIon of ther charter j; in return for which, il Is proposed 10 give the U. 5. certain important privileges on the British side of the llnp, not heretofore expected by the "49 men," The Senate has the proposition under consideration Tn executive session. Of course their decision, If they have arrived at any, calnnt yet be known. II IS my opinion that the proposition, wtil some sgh, amendments perhaps, will be inc basis ot new treniy and laus will be set. tied, amcably, this troublesome question.

 ALABAMA.