Dissolve yeast in warm buttermilk; let stand 5 minutes or until bubbly. Set aside.
Sift together flour and remaining dry ingredients; cut in lard using a pastry blender until mixture resembles coarse meal. Add yeast mixture, stirring until dry ingredients are moistened. Turn dough out onto a well-floured surface, and knead lightly 4 to 5 times.
Roll dough to 1/2-inch thickness; cut with a 2 1/4-inch biscuit cutter. Shape each roll into a round ball, and place 1/2 inch apart in two greased 9-inch round cake pans.