Preheat oven to 350 degrees.
Grease and flour 9 inch square pan.
Cream together butter, sugar and brown sugar. Combine eggs and add molasses; beating thoroughly. Peel and chop peaches and stir into mixture. Combine remaining ingredients and stir into creamed mixture until smooth. Pour into greased and floured 9 inch square pan. Bake at 350 degrees for 40 to 50 minutes or until pick inserted into center comes out dry. Cut into squares and top with whipped cream and peach slices if desired.
Makes 1 cake