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Slum (slime) + gullion (cesspool)
‘Slumgullion’ is stew made with whatever you have.
The word comes from the 19th century, when it was used to mean a foul, watery tea (in Mark Twain’s Roughing it), or discarded fish offal (in Herman Melville’s Moby Dick). Gail E Haley describes a communal stew that children were invited to dip into ‘no deeper than the wrist’.
A bit more about the word can be found at World Wide Words.