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Preheat the oven to 275 degrees F (135 degrees C). Grease a 10-inch tube pan and line the bottom with parchment paper.
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Soak raisins and cherries in 2 cups of bourbon or whiskey for 48 hours. Before making cake, drain well and reserve bourbon.
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In a separate bowl, mix flour, nutmeg, and baking powder. Set aside.
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In a small bowl, cream butter with white sugar. In a separate small bowl, cream yolks and brown sugar until very light.
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In a large bowl, combine two sugar mixtures and blend well.
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Alternately, add flour mixture and reserved bourbon in three stages, mixing well with each addition.
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Add soaked fruit and fold in. Add nuts and fold in.
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In a clean medium bowl, whip egg whites until stiff but not dry. Fold into batter until evenly distributed; pour into the prepared 10-inch tube pan.
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Bake cake in the bottom of the preheated oven until a toothpick inserted into the center comes out clean, about 4 to 5 hours. Ovens vary, so it may take longer than 5 hours.
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Remove from the oven and allow to cool for 15 minutes before turning out. When almost cool, brush sides and inside hole heavily with bourbon. Wrap cake with a bourbon-soaked cheesecloth, then with plastic wrap. Refrigerate overnight and saturate again with bourbon. Cover with plastic wrap and then with foil and store for at least 2 weeks in a cool, dry place.