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Melt margarine and saut the diced onions until they appear translucent. Add bacon and flour to the melted margarine and stir continuously for 5 minutes.
Add clam juice and whisk into mixture. Stir constantly, breaking up any lumps that form.
Add clams, potato, milk, cream, and salt and continue stirring. Decrease heat to low, and allow to simmer for about 20 minutes, stirring frequently to avoid burning or sticking.
Serve hot with oyster crackers, adding black pepper to taste.
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