1) In large bowl, beat butter and honey.
2) Beat in egg yolk.
3) Grate orange rind and add to the batter.
4) Squeeze 2 tablespoons of orange juice and add to batter.
5) Sift together flour, baking soda, salt, nutmeg and cinnamon. Add flour mixture to the batter, 1/2 cup at a time and blend.
6) Cover bowl; refrigerate overnight.
7) Preheat oven to 325 degrees.
8) In bowl beat egg white until foamy.
9) Spread walnuts on a plate.
10) Shape dough into 36 balls. Dip balls into the egg white, then roll into nuts.
11) Place cookies 2 inches apart on ungreased cookie sheets. Press cherry on each cookie.
12) Bake for 15 minutes.