Combine sliced fresh peaches and 1/4 cup sugar; stir gently, and chill.
Combine flour, sugar, baking powder, and salt In a large mixing bowl; cut in shortening with pastry blender until mixture resembles coarse meal. Add milk to flour mixture; stir with a fork until a soft dough forms.
Roll dough out on a lightly floured surface to 1/2-inch thickness; cut out with a 3 - inch cookie cutter. Carefully place rounds on an ungreased cookie sheet. Bake at 450° for 8 to 10 minutes or until lightly browned. Cool the rounds on wire racks.
Split each shortcake in half. Cover bottom of each half with 1/4 cup sliced peaches, and top with a dollop of whipped cream. Replace top of each shortcake, and repeat procedure using remaining sliced peaches and whipped cream.