The good Gent is correct, the type of bay used in the genuine Bay Rum of old is Pimenta Racemosa, and you definitely do
not want to ingest it.
Back in September I started researching Bay Rum and came across a handful of recipes from old pharmacological manuals dating from 1860 to the early 1900's. It seems that originally, Bay rum was simply made by distilling rum with pimento racemosa leaves, but then later on other things began to be added to the mix, such as orange peel and allspice, cloves, etc... , and then rum began to be replaced with ethanol, etc....
In case y'all are interested, here's a link to my Pimenta Racemosa EO experiments that I conducted back in September (I made a handful of different blends with the racemosa EO and let them steep):
http://www.soapmakingforum.com/showthread.php?t=56308
My favorite blends from those experiments are blends #3, #4 and #5 (each formula is recorded in the above-linked thread)
And here is one of the USP Bay Rum recipes I ran across (from 1883):
Oil of Myrcia (Pimenta Racemosa).................................. 1 fl oz
Oil of Orange Peel........................................................ 40 minims [which I found out is about .083 oz/2.5 mLs]
Oil of Allspice.............................................................. 25 minims [which I found out is about .052 oz/1.5 mLs]
Alcohol (containing 94% volume of absolute alcohol)...... 4 1/2 pints
Water........................................................................ 3 1/2 pints
Nowadays, different companies have their own proprietary blends, with some adding cimmamon and/or cloves, and/or lime, and/or orange, etc, etc., etc.
Although I mentioned this in my above-linked thread, I'll just mention it here, too. Oregon Trails has a FO called Montego Bay that smells just like the blend I made using Bay Racemosa EO, whole crushed allspice berries, and rum. So, if you're looking for a good Bay FO, I highly recommend that one.
IrishLass