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East Tennessee.

--If Rosecrans is compelled to carry his supplies all the way from Stevenson to Chattanooga, in wagons, we should think that his situation was very precarious. From Stevenson to Chattanooga the distance is, by the railroad, thirty-seven miles. Stevenson is just over the river, and but a short distance from Bridgeport. From the latter place to Chattanooga the railroad is almost a strait line, forming the cord of an are, whose periphery is the Tennessee river, which here makes a great curve. On the other hand, wagons going to Chattanooga from Stevenson follow the bend of the river and pursue a most circuitous route, over a very rough country, which is traversed by no turnpike.--The roads are horribly rough mountain roads, and the distance can be very little short of fifty miles. This necessity of Rosecrans to carry his supplies such a distance by the common roads of the country, and in wagons, confirms the truth of the telegram published by us the other day to the effect that the railroad below Chattanooga is in our possession. It seems, also, certain that we have possession of it above, so that he must get his supplies across the river at the spot. The river just at Chattanooga is a horse shoe, the open part being opposite to the city on the North side.--The city is built on the toe of the horse shoe. The distance across the opening of the horse shoe does not appear to be more than half a mile, offering a splendid opportunity for a strong body of troops to seize and fortify it. Twenty thousand men there could keep off five times their number, there being no room for a larger force to deploy.

Upon the whole, as far as we can judge of the relative situation of the two armies, from the meagre information afforded by the telegraph, that of Bragg seems to be encouraging — that of Rosecrans gravely critical. The Yankees, however, are making prodigious efforts to reinforce the latter, having already dispatched two corps from Meade's army and large numbers of troops from Vicksburg and other Southern points. The report that Knoxville had been taken by Gen. Sam. Jones, and that Burnside had retreated towards Cumberland Gap, (alluded to in the telegram to-day,) seems not to be generally credited.

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