Preheat oven to 350 degrees. Melt the butter in a 9 by 13-inch casserole dish in the oven while it is heating.
Sprinkle the peaches with 1/2 cup of the sugar. Toss and set aside.
In a medium bowl, combine the remaining sugar, the flour, and the salt. Add the milk and flavoring and stir to combine. Pour the mixture evenly over the melted butter. Spread the peaches evenly over top of the batter.
Bake for 45 minutes or until the batter rises through the fruit and the top is golden brown.
Serve the cobbler warm, topped with vanilla ice cream.