Preheat oven to 400° F. Prepare a 10 inch cast iron skillet or a 9"x13" baking pan
In a large saucepan over medium heat, whisk together brown sugar, ½ cup sugar and ½ teaspoon nutmeg. Mix in butter, bourbon and 2¾ cups of water. Bring to a boil, stirring until sugar is fully dissolved. Remove from heat and set aside.
In a large bowl, mix flour, 1 cup sugar, baking powder, salt, cinnamon and ½ teaspoon of nutmeg. Add milk and vanilla and combine.
Fold in sliced peaches. Pour filling into prepared pan, pour on topping.
Bake for 50-55 minutes, or until cooked through and light brown.