Combine 2 quarts water and ascorbic-citric powder in a large mixing bowl; set aside.
Peel peaches; slice each in half, and remove pit. Place peach halves in reserved water mixture.
Combine remaining water and sugar in a large saucepan; bring to a boil. Drain peaches. Add one-fourth of peach halves to boiling syrup; reduce heat, and simmer 5 minutes.
Remove peach halves with a slotted spoon; pack into hot sterilized jars, leaving 1/2-inch head space. Repeat procedure with remaining peaches, reserving syrup. Place a strip of orange rind in each jar.
Cook reserved syrup until mixture reaches 220° on a candy thermometer; remove from heat, and let cool 5 minutes. Place 3 cups syrup in a small saucepan, discarding remaining syrup; add bourbon, stirring well. Place over medium heat, and cook until thoroughly heated.
Pour over peaches in jars, leaving 1/2-inch head space; wipe rims clean. Cover at once with metal lids, and screw bands tight. Process in boiling-water bath 20 minutes.
Note: Chilled Bourbon Peaches may be spooned over softened cream cheese and served with unsalted crackers.