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.