Preheat oven at 325°F.
Grease and flour a 12-cup Bundt pan; set aside.
In a mixing bowl, stir together 1 tablespoon flour, brown sugar, and nutmeg. Add peaches, mixing until covered with flour-sugar mixture. Layer peach mixture on bottom of pan.
In a mixing bowl, mix sugar, flour, baking powder and baking soda. In a separate bowl, mix sour cream, egg whites and vanilla.
Mix dry and wet ingredients together, stirring just until moistened. Spread batter evenly over peach mixture.
Bake one hour.