Combine flour, baking powder, salt, baking soda, cinnamon and nutmeg; Set aside.
Cream butter and sugar until light.
Add eggs, one at a time, beating well after each addition.
Add dry ingredients to creamed mixture alternating with applesauce. Stir in peanuts.
Spoon into a greased 9x5-inch loaf pan.
Bake in a 3S0°F. oven for 60-70 minutes, or until a cake tester comes out clean.
Remove from pan. Cool on wire rack.