Place A Rack In The Center Of The Oven, And Preheat The Oven To 375°F.
Grease And Flour An 18" × 12" Broiler (Dripping) Pan, And Set The Pan Aside.
Grind The Peanuts In A Food Processor Fitted With A Steel Blade Until They Resemble Coarse Meal, About 1 Minute.
Set The Peanuts Aside.
Place The Lard And Brown Sugar In A Large Mixing Bowl, And Beat With An Electric Mixer On Medium Speed Until Fluffy, 1 To 2 Minutes.
Add The Molasses And Beat Until Combined, About 30 Seconds More.
Set The Mixture Aside.
Place The Ground Peanuts, Flour, Cinnamon, Baking Soda, Salt, Cloves, And Nutmeg In A Large Bowl, And Stir To Combine Well.
Add These Dry Ingredients Alternately With The Water To The Lard Mixture, Beginning And Ending With The Flour Mixture.
Beat Just Until Combined, Scraping The Bowl Often.
At The Last, Beat In The Egg Until Smooth.
Turn The Batter Into The Prepared Pan, And Place The Pan In The Oven For 10 Minutes.
After 10 Minutes, Open The Oven Door And Quickly And Carefully Sift The Confectioners’ Sugar Over The Top Of The Cake.
Close The Oven Door.
Continue To Bake Until The Top Springs Back And A Toothpick Inserted In The Center Comes Out Clean, 15 To 20 Minutes More.
Remove The Pan To A Wire Rack To Cool Until Ready To Serve.
Notes & Wine Advice
Take Care When Using A Dripping Pan (Broiler Pan), Because If It Is Dark, The Cake Will Bake More Quickly—In About 25 Minutes—Than If You Are Using A Shiny Metal Pan—About 30 Minutes.