Combine cinnamon and cloves; tie loosely in a cheesecloth bag. Set aside.
Combine water, salt, and 1 tablespoon vinegar in a large glass mixing bowl; stir well.
Peel each peach, and immediately drop into acidulated water. Set aside.
Combine sugar, ginger, and vinegar in a stainless steel stockpot, stirring until sugar dissolves. Bring to a boil; boil 5 minutes. Add spice bag.
Drain peaches; rinse in cold water, and drain well. Carefully add to boiling syrup mixture. Boil until peaches are tender, but not soft. Remove from heat; cover and let stand in a cool place overnight, allowing peaches to plump. Remove spice bag; discard.
Return peach mixture to a boil; remove from heat. Quickly pack peaches into hot sterilized jars; cover with hot syrup, leaving 1/3-inch head space. Remove air bubbles. Cover with metal lids, and screw bands tight. Process peaches in boiling-water bath 20 minutes.