Preheat oven to 300 degrees. Toast the chopped walnuts in a baking pan in the oven for 15 minutes. Remove from the oven and set aside. Raise the oven temperature to 350 degrees. Sift the flour, baking powder, baking soda, and salt together into a bowl. In a second bowl, combine the cherries and the nuts. In the bowl of an electric mixer, cream the butter until it is light and fluffy; add the sugar and honey gradually, beating the mixture until it is very light. Add the eggs, one at a time. With mixer at lowest speed, add the flour mixture (reserving 1/4 cup), alternating it with the orange juice. Toss the cherry-nut mixture with the reserved 1/4 cup of flour, and fold it into the batter. Turn the batter into a buttered and floured loaf pan, approximately 9 x 5 x 3 inches.Bake the bread in the centrer of the oven for 1 hour. Cool the loaf for 15 minutes in the pan; unmold the bread on a rack to cool completely. Wrap it in plastic wrap and keep it a day before serving.