Fill a medium saucepan with 3 cups of water and add the sugar, cinnamon, allspice and cloves. Bring to a simmer, stirring to dissolve the sugar. Add the peaches and simmer until tender, about 5 minutes. Transfer the peaches and about 1 cup of the liquid to a blender and blend until smooth (be careful when blending hot liquids). Transfer the blended liquid to a pitcher to cool slightly, then add the bourbon. Refrigerate until very cold.
When ready to serve, add ice cubes to the pitcher and serve in rocks glasses with more ice.
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When blending hot liquid, first let it cool for five minutes or so, then transfer it to a blender, filling only halfway. Put the lid on, leaving one corner open. Cover the lid with a kitchen towel to catch splatters, and pulse until smooth.
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