Peel and slice the peaches. Discard the pits.;In a large saucepan, add the peaches, ¾ cup of the sugar, cinnamon, and bourbon. Cook over medium heat for 10-15 minutes until the sugar is dissolved and the peaches create a syrup. If the syrup seems a bit runny, see notes above for adding cornstarch.*
In a medium bowl, whisk the remaining 1 cup sugar, flour, baking powder and salt. Gently add the milk.;In a large cast iron skillet, or an 8 X 8 baking dish, add the stick of butter and place in the oven. Preheat oven to 350 degrees. Take the pan out once the butter has melted, about 5 minutes.
Carefully removing the baking dish from the oven, pour the batter over the melted butter. Add the peaches and syrup over the top of the batter. Bake in the oven until lightly golden brown and a tooth pick inserted in the middle comes out clean, about 35 minutes. Allow to cool for 15 minutes. Serve with vanilla ice cream. Enjoy!