This section is from the book "Preserving And Pickling", by Mary M. Wright. Also available from Amazon: Preserving and Pickling: Two Hundred Recipes for Preserves, Jellies, Jams, Marmalades, Pickles, Relishes and Other Good Things.
Either free-stone or clings may be used for this purpose. Peel, and leave whole. To each seven pounds of fruit use four pounds of sugar, and one ounce each of cinnamon and allspice, and one teaspoonful each of cloves and mace, one pint of vinegar and one pint of water. Place the sugar, water and spices tied in a muslin bag together in a preserving kettle, and bring to a boil; then drop in the peaches and cook until heated through. Let stand in this syrup overnight; then pour off into a kettle, and add the vinegar. Boil down to the consistency of honey, pour over the peaches, arranged in glass jars, and seal.