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Clean and sort the dried navy beans. Place the beans in a large bowl with water to cover and soak for 3 hours.
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In a large stock pot over medium heat, combine the navy beans and the chicken stock and allow to simmer.
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Meanwhile, melt the butter or margarine in a large skillet over medium heat. Add the chopped carrots and the chopped onion and saute for 10 minutes, or until onion is caramelized.
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Add the carrot and onion mixture to the pot.
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In the same skillet over medium high heat, saute the bacon for 10 to 15 minutes, or until it is crisp. Drain the grease and add the bacon to the pot.
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Continue to simmer the soup over medium heat, stirring frequently, until the beans are tender and the soup has thickened.