Combine first 4 ingredients; dredge with 1 cup flour, stirring to coat well. Set aside.
Cream butter in a large mixing bowl; gradually add sugar, beating until light and fluffy. Add eggs, one at a time, beating well after each addition.
Combine remaining 3 cups flour, baking powder, and nutmeg; add to creamed mixture alternately with bourbon, marmalade, and molasses; mix well after each addition. Stir in reserved fruit and nuts.
Heavily grease one 10-inch tube pan; line sides and bottom of pan with greased, heavy brown paper. Spoon batter into pan, and bake at 275° for 3 1/2 to 4 hours or until done.
Cool cake completely in pan. Garnish with cherries, if desired. To store, wrap cake in cloth soaked in brandy or bourbon; wrap with plastic or waxed paper; place in a tightly covered tin.
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