Clean oysters by placing in a colander and pouring over them three-fourths cup cold water. Carefully pick over oysters, reserve liquor, and heat it to boiling point; strain through double cheese cloth, add oysters, and cook until oysters are plump and edges begin to curl. Remove oysters with skimmer, and put in tureen with butter, salt and pepper. Add oyster liquor, strained a second time, and milk. Serve with oyster crackers.