You may never go to Krispy Kreme again...these are that good. The recipe hails from The Fanny Farmer Cookbook which describes these doughnuts as having a "fine, creamy crumb".
**NOTE** The temperature of the oil is critical for the right flavor, texture and just so you don't BURN them!....make sure to keep a cooking thermometer at hand.
0.5 C. Milk
0.5 C. Sugar
2 t. Baking Powder
0.25 t. Nutmeg (special, secret ingredient)
0.5 t. Salt
1 Egg, beaten
1 T. Butter, melted
Mix the above together in a large bowl and gradually add 1.75 C. white flour until dough is firm enough to handle yet as soft as possible. Cover the dough and chill 1 hour.
Turn out on lightly floured board, knead a few minutes. Roll out to 0.5" thick. Use a doughnut cutter (or cookie cutter and the end of a turkey baster for the middles) to cut out the doughnuts. Let the cut doughnuts rest for a few five minutes while you begin to heat the oil.
Using a heavy bottomed saucepan and a thermometer, heat a few inches of Canola Oil to 360*F and make sure the temperature does not go above this while cooking (if it does lower the heat for a minute or so). Fry a few doughnuts at a time for just over a minute on each side or until golden brown. Let cool on paper towels. Sprinkle with sugar or dip in ganache like I did (pictured).