In a deep heavy pot, sauté the onions and peppers in the bacon fat until the onions are translucent. Add the ham bone, black-eyed peas, water, and seasoning. The water should cover the beans completely - add more water as needed. Reduce heat and cover. Simmer for about 2 1/2 hours, or until the beans have completely softened. Cut some of the meat away from the bone and mix it in well.
To make the rice, put the rice, water, butter, and salt into a heavy pan. Cover and simmer until the rice has absorbed all the water, about 20 minutes.
When the rice is done, serve the beans over the rice, and offer the other ingredients to those who wish them.
Notes
Variations You can add a little smoke flavoring if you want.
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