Preheat oven to 425 degrees.

Peel peaches, cut flesh away from pit and slice.

In a small saucepan over medium heat, combine peaches, 1/2 cup of sugar, cinnamon and water. Simmer for 10 minutes, stirring occasionally.

Cut butter into 8 pieces, spread out into a 3 quart baking dish, and place into the oven to melt.

Meanwhile, combine flour, baking powder, salt and remaining 1 cup of sugar in a medium-sized bowl. Add milk, 1/2 cup at a time, and mix until smooth. Pour flour mixture over melted butter (don't stir), then spoon the peach syrup on top.

Bake in preheated oven for 30-45 minutes, until cooked through.