In a jar, combine currants or raisins and brandy or orange juice. Cover tightly. Let soak overnight.
In a medium bowl, combine yeast, milk, and the 1 tablespoon sugar. Let stand until mixture is bubbly.
By hand, beat in the 1 cup flour until smooth. Cover and let rise in a warm place until doubled (about 45 minutes).
In a bowl, stir together the 2-3/4 cups flour, the cinnamon, mace, and salt; set aside. Drain currants, reserving brandy or juice; set aside.
In a large mixing bowl, beat the 1 cup sugar and the butter with electric mixer on medium speed until very light. Add egg; beat until light.
Beat in the lemon peel, lemon juice, and reserved brandy or orange juice. Add the yeast mixture; beat until thoroughly combined.
By hand, stir in the currants. Stir in the flour mixture until well combined.
Grease a 10-inch fluted tube pan or a 10-inch tube pan. Turn the batter into pan. Cover and let rise in a warm place for 1 hour.
Bake in a 350 degree F oven for 40 to 45 minutes or until toothpick inserted near center comes out clean. Cool in pan on a wire rack for 10 minutes. Remove from pan. Cool on wire rack.
Drizzle with Orange Glaze or sprinkle with powdered sugar. Makes one 10-inch fluted or tube cake (12 servings).
In a bowl, stir together powdered sugar and orange juice until the mixture is smooth and drizzles easily.