Beat egg yolks until thick and lemon yellow, then beat in 1 cup sugar.
Add slowly the rye, rum and peach liquer.
Beat until smooth.
Add the milk and half-and-half.
Beat the egg whites until stiff but not dry, gradually adding 1/2 cup of confectioners sugar.
Fold the egg whites into the batter.
Just before serving, whip the cream and fold it into the other ingredients.
Garnish with ground nutmeg.
Serve in a punch bowl or another big bowl.