From the ". Y. Journal of Commerce. IMPORTANT FROM MEXICO.
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4MFOhIAN | hOM M cAASS.

 There are no later arrivals at New Orleans.

 The Picayune contains an order of Ca males, relative to the recent massacre Of Mexicans by our troops, in which retal!- alton Is recommended without distinc. tion ot age or sex.

 NEW ORLEANS, May 18th.

 The whole valley of the Rio Grande is under maI tial law, and every one capable of bearing arms is called upon to rally under penalty of traitors death. This does not exclude even ,he clergy. A bloody chapter is about to open upon all struggling parties of Americans near our places of occupation. The highest pen- allies being imposed upon military cons manders for not carrying out Canales's orders. The National Guard is every where rallying, and The armed md help. less will be equally exposed to the gucril- la war. This, with the information that Santa Anna is issuing guerilla commis sions, shows desperate state of things Gen. Taylor will not move upon San Luis until reinforced, as so large . number of volunteers arc leaving him at their term of service. Those already returned to New Orleans are in a wretched plight. sick and their apparel worn out. Private letters state that Alvarez is marching from the north of Mexico with over twen- iy-five thousand troops, who will Le scat tered in guerilla parties between Jalapa and Puebla and towards Vera Cruz, and a general disposition exists among the inha abiiants of maRy villages to arm and accompany him as guerillas