Place butter in a 9 x 13 baking dish. Place dish in oven and turn oven on to preheat to 350 degrees.
In a large sauce pan, combine peaches with 1 cup of the sugar along with the 1/2 cup water. Bring mixture to a boil and then reduce to a simmer. Allow to simmer for 10 minutes. When done simmering, mix in 1 tsp vanilla or almond extract.
While the mixture simmers check on the pan in the oven. Remove it from the oven when the butter is melted and set aside.
In a bowl, combine the remaining 1 cup sugar, flour, baking powder, and salt. Whisk together, then whisk in the milk until combined.
Pour the batter over the butter that you melted in the 9x13 dish. DO NO STIR.
Then carefully spoon the peaches onto the batter followed by pouring the syrup from the peaches over the peaches. It will look like a mess, but that is how ya want it. Trust me and Mrs. Paula. You can sprinkle some cinnamon on at this point if ya want to.
Bake at 350 for 45 minutes until the edges are golden.
Remove from the oven and let cool slightly for about 5 minutes or so. Then top with whipped cream or vanilla ice cream. Serves 8-10.