1) Place peaches and 1/2 cup of sugar and nutmeg (if preferred) in a sauce pan and add about a cup of water (if using canned peaches, use the water in the cans). Bring to a boil and cook for 10 minutes stirring occasionally, don't drain.
2) Melt the stick of butter in a 8 or 9 inch glass baking dish in the oven. In a separate bowl mix bisquick, remaining 1 cup of sugar, and milk. Pour the bisquick batter over melted butter in dish, don't mix the batter with the butter. Pour peaches over batter, don't mix the peaches and the batter, the batter will rise over the peaches as it bakes.
3) Bake 40 minutes or until golden brown. Serve hot with a scoop of vanilla ice-cream on top.
Can also be made with canned pie filling of any kind of fruit (skip the first step if doing so).