In a saucepan, combine the water, brown sugar, cornstarch, salt, 1 teaspoon of cinnamon, 1/2 teaspoon of grated nutmeg, and pepper, whisk until smooth.
Place the pan over high heat and bring to a boil.
Reduce the heat to medium and simmer for 2 minutes. Remove from the heat.
Place the peaches in a mixing bowl and pour the syrup over the peaches.
Toss well and cool for 10 minutes.
In a mixing bowl, combine the remaining cinnamon, remaining nutmeg, sugar, flour, pecans, and butter.
Using your fingers, work the mixture together until it resembles a coarse crumb-like mixture.