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[Southern-Association dispatches.]
Disaster at Sea.

the Menitor foundered off Cape Hatteras — the Galena compelled to throw her armament overboard — an expedition Spoiled.

Petersburg, Jan. 5.
--A reliable gentleman by the flag of truce boat, which arrived at City Point to-day, reports that the celebrated iron-clad gunboat Monitor foundered off Cape Hatteras a few days since, and all on board perished.

The Galena also came near sharing a similar fate, and was compelled to throw overboard her armament and everything. Their destination was supposed to have been Wilmington, N. C.

Later.--Paroled prisoners who came up on the flag of truce boat confirm the above report, and say that the information of the disasters were received at Fortress Monroe yesterday A. M.

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