Samuel Colt had sold revolving rifles and shotguns in Texas, and the Colt Paterson revolver in .31, and I believe .40 was sold and used by early Texas Rangers. Some of the smaller caliber Patersons were thought to be too fragile (they were!) and the caliber insufficient for use in combat with the Nermernuh/Comanche Indians, so they went to the Texas Navy.
Sam Colt went bankrupt a few times, but his early sales and the use of one of his revolvers by a naval force, however modest, caused him to have the scene engraved on the revolver for the "Navy" moniker.