1. In an 8-quart stainless steel or enameled stock-pot, combine the sugar, vinegar, allspice, and cinnamon. Cook the mixture, uncovered, over moderately high heat for 15 minutes.
2. While the sugar mixture is cooking, insert 2 cloves in each peach. Drop 8 of the peaches into the boiling syrup and cook, uncovered, for 15 minutes. Meanwhile, sterilize 4 one-pint canning jars. With a slotted spoon, transfer 6 of the peaches to each jar. Repeat until all of the peaches have been processed. Spoon in enough of the hot syrup to cover the peaches completely, leaving a 1/2-inch head space; wipe the rims well and seal.
3. Process in a boiling water bath for 10 minutes. Let cool thoroughly, then check the seals. Store in a cool, dark, dry place for at least 2 weeks before opening; they will keep for up to 6 months. These are wonderful with Honey Baked Ham.