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Our Memphis Correspondence.

MEMPHIS, NOV. 22, 1862.

DEAR JOURNAL:— The clouds which hung over us so dark, and sent down such copious floods of rain as if attempting to wash the foul marks of treason off the face of this fair and beautiful land, has apparently discovered that it was "too big a job," and compromised the matter with Boreas, whose breath cools off our patriotism and fingers, in fearful earnest — gathering the men in groups around the camp fires to curse the smoke and dis-cuss the probability of the paymaster in getting around this winter.

By the way, this is the question of interest with the army just now. It does appear that something is wrong with somebody in the pay Department. For the purpose of encouraging enlistment, the promise was given to the men that $25 of the $100 bounty and one month's wages should be paid in advance as soon as mustered in. A portion of the men received the bounty, but the month's pay has not come yet, and a portion of the regiment has been in camp since the 25th of July, or four months. This delay causes a great deal of uneasiness and dissatisfaction, as many of the soldiers have left families dependant upon their wages who must suffer if their pay is withheld much longer.

The inconvenience is felt even more by the officers than the men, as they are under the necessity of furnishing their own food and clothing, and that too, at exorbitant prices.

Although a commissioned officer is allowed a certain number of rations per day, it is so arranged that he cannot draw them in kind, but must buy what he wants and pay the money for it, and the most of us are as destitute of this article as the rebels are of loyalty. But we have made up our minds to cheerfully submit to anything that we can't remedy, until the war is over, and the last armed foe driven from the field, when we will settle accounts with enemies at home.

We had a regimental inspection on yesterday, and brigade drill. The troops were in good condition and presented a fine appearance. Our brigade is composed of two Illinois regiments, one Wisconsin, one Ohio, and one Indiana, under Brig. Gen. Buckland, of Ohio.

The news from Holly Springs on yesterday was that Bragg was again back, and Grant advancing. It is thought in military circles here that the enemy will not risk a general engagement, but will attempt with one division of their army to draw our forces as far into Mississippi as possible, and with another divisions make a dash for our rear, and overrun Kentucky and Ohio. In fact, some such stroke as this is necessary to procure supplies for their army, as the territory through which the armies have passed is literally stripped of the comforts of life.

Memphis is in a fair way to burn up; every night since we have been here has witnessed a destructive fire — the work of rebel incend aries.

W. A. M.