Brown the beef in the butter over medium high heat; add the onions and peppers and saute until onions are golden.
Stir in the tomato paste, 1-1/4 C of the water, paprika and garlic powder; simmer, covered, for 1 hours.
Add 5 cups of the water and the bouillon cubes; stir well and then simmer another 30 minutes.
Make a paste with the cornstarch and 3 tablespoons cold water and add that to the soup; bring to a boil, stirring constantly until thickened; add marjoram, Worcestershire and Tobasco sauce. Taste for salt. I don't add any more at this point, but you might want to.