Combine the cherries, raisins and bourbon. Cover and let stand overnight.
Next day, drain the fruit; reserve the bourbon. Cream the butter and sugar together until light. Add the eggs yolks and beat well. Combine 1/2 cup flour, nutmeg, baking powder and chopped pecans. Add the remaining flour and bourbon alternately to the butter mixture, beating well after each addition. Beat the egg whites stiff but not dry, fold into the batter mixture, then fold in the soaked fruit, pecan and flour mixture.
Turn into a greased 10-inch tube pan lined with greased paper or foil. Bake in a slow oven (275 degrees) for 3 1/2 hours. Cool. Remove from the pan.