In an 8 by 8 inch-baking pan, melt 3 tablespoons butter. Add 1/4 cup brown sugar and blend. In hollow of each peach half, place a cherry. Invert peach halves in pan at corners and center. Cream butter and remaining 1/2 cup brown sugar. Add egg and beat well. Sift together flour, baking soda, cinnamon, ginger, cloves and salt. Combine molasses and water and add alternately with dry ingredients to creamed mixture. Pour mixture carefully over fruit. Bake 45-50 minutes or until done. Let stand 5 minutes on cake rack. Invert over serving plate and remove pan. Serve warm with whipped topping.