1. Preheat oven to 375°F.
2. In a large bowl add the peaches, bourbon, vanilla, ½ cup granulated sugar, cornstarch, and 1 teaspoon cinnamon and mix well to coat the peaches evenly; set aside.
3. Sift the flour, the remaining ¼ cup granulated sugar, ¼ cup brown sugar, 1 teaspoon cinnamon, baking powder, kosher salt and nutmeg (optional) into a bowl.
4. Cut 12 tablespoons (1 ½ sticks) of  butter into small pieces; add to the flour mixture and cut it in with a pastry cutter or your hands until the mixture looks like coarse crumbs.
5. Pour in the cream and mix just until the dough comes together. Don't overwork; the dough should be slightly sticky but manageable. 
6. In a skillet* over medium heat, melt the remaining 4 tablespoons butter stirring often, until it foams, then browns, about 5 minutes.
7. Add the peaches and cook gently until heated through, about 5 minutes.
8. Pour peach mixture into a baking dish and drop the dough by spoonfuls over the warm peach mixture. The dough will puff up and spread out as it bakes so there can be gaps in the spoonfuls.
9. Brush the top with some heavy cream and sprinkle with some sugar; put it into the oven on a baking sheet to catch any drips.
10. Cook for 40 to 45 minutes until the top is golden brown and the fruit is bubbling.

Let peach cobbler cool slightly before serving.