1 loaf (16 oz.) white bread, sliced
1 c. raisins
1 1/2 qt. water, divided
1 lb. cheddar cheese, shredded
2 c. firmly packed light brown sugar
3 tsp. ground cinnamon
1 tsp. ground nutmeg
1 tbsp. anise seeds
1 c. peanuts or pecan pieces
2 tbsp. butter