Preheat oven to 400F. Grease or paper line a muffin pan. Fry the bacon in skillet or on cookie sheet in oven until crisp. Drain on paper towls, Then chop into small pieces. Set aside. Melt the butter and margarine in a saucepan over low heat and set aside.
Sift the flour, baking powder, sugar and salt into a large mixing bowl. Stir in the cornmeal, then make a well in the center. In another saucepan, heat the milk to lukewarm. In a small bowl lightly beat the eggs, then add to the milk. Stir in the melted fats.
Pour the milk mixture into the center of the well and stir until smooth and well blended. Fold in the bacon. Spoon the batter into the prepared pans, filling them halfway. Bake for about 20 minutes, until and lightl colored.