Preheat oven to 350.
2 lg cans peaches in light syrup or juice, 2 teaspoons cinnamon, 1/2 cup brown sugar, dash of nutmeg.
Drain peaches & save 1 cup of juice for cake. Mix cinnamon, nutmeg & sugar with drained peaches & spread to cover bottom of a large, deep angel food cake pan or 3 bread pans.
2 sticks of butter, 1 cup white sugar, 1 & 1/2 cups brown sugar, 1 tablespoon cinnamon, 1 teaspoon nutmeg, 2 teaspoons vanilla, 4 eggs.
Cream butter & both sugars, add spices, then eggs & beat well after each eggs addition to the batter.
3 cups flour, 1 teaspoon baking soda, 1 teaspoon baking powder & 1/2 teaspoon of salt.
Sift together & add to butter & sugar batter alternately with peach juice. Stir until smooth & spread over peaches in pans to cover. Bake at 350 for 40-50 minutes, let cool 1/2 hour before de-panning onto serving plate or plates, good warm or cold.