Place the butter and seasonings in a heavy-bottom saucepan over medium heat and add celery, green onions, white onions, green pepper and minced oysters. Saute the mixture until the vegetables are tender.

Add the oyster water and the whole oysters and simmer for 12 to 15 minutes.

Add the flour one-fourth cup at a time. Beat with a wooden spoon until the mixture begins to thicken and pull away from the sides of the pan.

Continue to cook, stirring, for 5 minutes.

Beat in the egg yolks, one at a time, with a wooden spoon.

Whip the egg whites at high speed until they form stiff peaks. When ready to serve, add the cooled base to the meringue.