In a medium bowl, beat together the butter and shortening. Add the sugar; cream well. Mix in the egg and vanilla. Sift together the flour, baking powder, and salt; stir into the creamed mixture. Pat the cherries between paper towels to remove excess moisture. Stir cherries and pecans into the dough. Cover and chill for 2 hours.

Shape the cold dough into 2 logs. Roll them in the colored sugar, wrap in wax paper and chill again until firm (about 1 hour).

Preheat oven to 400 degrees F (200 degrees C). Lightly grease cookie sheets.

Unwrap dough and slice into 1/4 inch slices. Place on the prepared cookie sheets, and bake for 8 to 10 minutes in the preheated oven. Allow cookies to cool 1 minute before removing from cookie sheets to cool on wire racks.