Cream together the butter and sugar until light and fluffy. Add the eggs one at a time, beating well after each. Stir in vanilla. Sift 2 3/4 cup of the flour with baking powder and salt. Toss chopped peaches in remaining 1/4 cup flour. Gradually add flour mixture to creamed mixture. Fold in peaches. Spread evenly in greased Bundt pan. Bake 60 to 70 minutes @ 325.