Preheat oven to 350~. Melt peanut butter morsels. In a small bowl, combine flour, baking soda, baking powder and salt. In a large bowl, combine butter and sugar and beat until creamy. Blend the melted morsels. Beat in the eggs and vanilla. Alternately blend in the flour mixture and the milk. Pour into 2 greased and floured cake pans. Bake until golden brown about 45-50 minutes. Cool 10 minutes. Remove from pans. Cool Completely. Frost with Peanut Butter frosting.