Heat oven to 400*, Lightly grease a 2-quart casserole.Peel and slice fresh peaches. Place in greased casserole. Stir in lemon juice. In 1-quart saucepan stir together brown sugar and cornstarch.Gradually add water,stirring until cornstarch is dissolved.
Cook over medium heat, stirring constantly, until sauce thickens, 5 minutes. Pour sauce over peaches in casserole. Set aside 1 tsp sugar.
To prepare topping,in medium size bowl, stir together remaining sugar,flour,baking powder and salt. With wooden spoon,stir in butter and egg until a soft dough forms.Drop spoonfuls onto peach mixture(topping will spread as it bakes). Sprinkle with reserved 1 tsp.sugar.
Bake cobbler 40-45 minutes or until topping is golden brown and filling bubbles. Cool slightly on wire rack. Sprinkly with additional sugar if desired. Serve peach cobbler warm or at room temperature.