Stud onion with cloves. Place the ribs in a 5-quart Dutch oven and add about 2 inches of water. Add the onion and bay leaf and bring the water to a boil. Reduce heat; cover and simmer about 1 hour or until the ribs are tender.
Drain the ribs. In a covered grill arrange medium-hot coals around a drip pan. Test for medium heat above the pan by holding hand over coals for 4 seconds. Place the ribs, fat side up. on the preheated grill rack over the drip pan, but not over the coals. Lower the grill hood and cook for 1 hour.
Meanwhile, in a 2-quart saucepan stir together the peaches, tomato soup, corn syrup, vinegar, brown sugar, cooking oil, dry mustard, Worcestershire sauce, paprika, salt, garlic powder, and pepper. Bring the mixture to a boil, stirring constantly. Reduce heat and simmer, uncovered, about 20 minutes or until the sauce is slightly thickened, stirring occasionally.
After the ribs have grilled for 1 hour, brush them generously with the sauces. Grill for 5 to 10 minutes more or until well-done, brushing occasionally with the sauce. Pass the remaining sauce with the ribs. Makes 6 servings.