Lightly grease two 8x4x2-inch loaf pans. Place 2 cups of bread cubes in each loaf pan and set pans aside.
In a medium mixing bowl, use a rotary beater to beat together the eggs, milk, sugar, butter, vanilla and nutmeg. Pour half of he egg mixture over each pan of bread. Let the mixture stand for 15 minutes before baking.
Bake in a 350 degree F. oven for 15 to 20 minutes or till a knife inserted off center comes out clean. Cool in pans on a wire rack for 10 minutes.
While bread pudding bakes, prepare Whiskey River Sauce.
Remove 1 of the bread puddings from loaf pan. Place bread pudding loaf onto a cutting board. Spread jam evenly over top of the loaf. Top with the remaining loaf. Cut into 6 slices. Place 1 slice on each serving plate. Serve bread pudding with Whiskey River Sauce.
In a medium saucepan, stir together sweetened condensed milk, powdered sugar, and whiskey or orange juice. Add butter. Cook and stir the mixture over medium heat till butter melts. Don't boil. Use about half of the sauce for the bread pudding. Cover and chill remaining sauce. Reheat the sauce and serve over pound cake or angel food cake, if you like.