Cut the corn kernels from the cobs on a work surface, transfer them to a large saucepan, and with the back of a knife scrape the milk from the cobs into the pan. Cut each cob into 3 pieces and add them to the pan. Add the water and the bay leaf and simmer the mixture, covered, for 30 minutes. Discard the cobs and the bay leaf, in a blender puree the corn mixture in batches, and strain the puree through a fine sieve into a bowl, pressing hard on the solids. Transfer the puree to the pan and pour the reserved oyster liquor through a fine sieve into the pan. Add the milk, the Tabasco, and salt to taste and heat the mixture over moderate heat, stirring, being careful not to let it boil, until it is hot. Add the oysters and heat the soup, stirring, being careful not to let it boil, for 3 minutes, or until the edges of the oysters curl. Ladle the soup into heated shallow bowls and garnish each serving with some of the parsley and the paprika.