Wash peas, then cover with 5 cups water.
Boil 2 minutes. Remove from heat and soak overnight.
The next day, rinse the beans and drain thoroughly.
Cook the bacon in a heavy pan until browned. Add onion and green pepper. Sauté until onion is tender.
Add beans, 2 cups water, and seasonings. Cover and simmer 40 to 50 minutes or until peas are tender.
Remove bay leaf; stir in rice.
Continue simmering for about 10 minutes until all liquid has been absorbed.
Serve with ham, cornbread and collard greens.