Beat together the shortening, sugar and 1/2 cup brown sugar. Reserve the remaining 1 cup of brown sugar for the topping. Blend in 2 eggs and the vanilla. Add the cold water alternately with the sifted dry ingredients. The dough will be stiff. Press dough into a 13x9-inch pan.
Sprinkle chocolate chips over the dough and press gently. Beat egg whites until foamy. Gradually add the remaining 1 cup brown sugar and beat until stiff. Spread over chocolate chips. Top with salted peanuts. Press gently. Bake in 325F oven for 35 to 40 minutes. Cut into squares while warm.