Reading in the May 1974 CW Times Illustrated, the following was in written on page 23 in an article called, "The Battle that Saved Washington"
"During the morning, (Lt. Gen Jubal) Early held the city of Frederick for $200,000 ransom lest he burn it, as his forces under McCausland were to set the torch to Chambersburg, Pa three weeks later. The mayor asked for some time to raise the money; but when it was clear that (Major Gen Lewis) Wallace could not save them, the city banks produced the funds. Unable to get compensation later from the Federal Government, the city assumed the debt, which was not paid off until 1951".
Did a quick google search and found the following as well:
U.s. May Pay City Debt From Civil War
October 05, 1986|The New York Times
WASHINGTON -- After 122 years, a belatedly grateful nation appears ready to repay a $200,000 war debt to the city of Frederick, Md.
In 1864 a Confederate general, Jubal Early, surrounded Frederick and threatened to sack the town. For $200,000, he said he would reconsider. Frederick, with no fondness for sacking and $1 million in Union supplies stored, borrowed the money from several banks and paid the ransom, protecting the supplies and affording a strategic delay in the Confederate assault on Washington.
Frederick hoped the government would repay the money once the smoke cleared, but that never happened.
So for 26 years in 13 Congresses, Charles McC. Mathias Jr., a Maryland Republican, has introduced a bill, first in the House and later in the Senate, to repay the debt. Friday morning, not only did the bill get out of committee for the first time in 26 years; it was also approved by the Senate. Its chances in the House are considered good.
``At long last justice has been served,`` Mathias said.
Well, sort of.
In 1972, Frederick officials calculated that, with interest on the debt, lost taxes and so forth, repaying the banks had cost the city about $4 million.
http://articles.sun-sentinel.com/1986-10-05/news/8602280798_1_war-debt-mathias-sack
Interesting to me that it took so long to pay the debt. And that it was paid in full. Wager the 5 banks thought they would never see the money again.
"During the morning, (Lt. Gen Jubal) Early held the city of Frederick for $200,000 ransom lest he burn it, as his forces under McCausland were to set the torch to Chambersburg, Pa three weeks later. The mayor asked for some time to raise the money; but when it was clear that (Major Gen Lewis) Wallace could not save them, the city banks produced the funds. Unable to get compensation later from the Federal Government, the city assumed the debt, which was not paid off until 1951".
Did a quick google search and found the following as well:
U.s. May Pay City Debt From Civil War
October 05, 1986|The New York Times
WASHINGTON -- After 122 years, a belatedly grateful nation appears ready to repay a $200,000 war debt to the city of Frederick, Md.
In 1864 a Confederate general, Jubal Early, surrounded Frederick and threatened to sack the town. For $200,000, he said he would reconsider. Frederick, with no fondness for sacking and $1 million in Union supplies stored, borrowed the money from several banks and paid the ransom, protecting the supplies and affording a strategic delay in the Confederate assault on Washington.
Frederick hoped the government would repay the money once the smoke cleared, but that never happened.
So for 26 years in 13 Congresses, Charles McC. Mathias Jr., a Maryland Republican, has introduced a bill, first in the House and later in the Senate, to repay the debt. Friday morning, not only did the bill get out of committee for the first time in 26 years; it was also approved by the Senate. Its chances in the House are considered good.
``At long last justice has been served,`` Mathias said.
Well, sort of.
In 1972, Frederick officials calculated that, with interest on the debt, lost taxes and so forth, repaying the banks had cost the city about $4 million.
http://articles.sun-sentinel.com/1986-10-05/news/8602280798_1_war-debt-mathias-sack
Interesting to me that it took so long to pay the debt. And that it was paid in full. Wager the 5 banks thought they would never see the money again.
Bringing the