Peel and chop the peaches into small pieces.
Place peaches in a medium sized saucepan over medium heat. Add the sugar and tapioca and mix.
Let the mixture simmer for 10 minutes, stirring frequently. It should be thick and syrup like.
Meanwhile, preheat the oven to 350 degrees Fahrenheit. Grease an 8x8 baking dish with palm shortening and set aside.
To make the topping, mix the dry ingredients together in a medium sized bowl.
Add the wet ingredients and mix thoroughly.
When the peaches are softened, pour the mixture into the prepared baking dish. Evenly spread the topping over the peaches.
Bake the cobbler for 40-45 minutes, or until the cobbler is bubbly.
Serve warm with whipped cream or vanilla ice cream!