Mayberry Goes Bankrupt (TAGS Episode)

Episode Info

Mayberry Goes Bankrupt

• S2.E4
• Filmed: 39
• Aired: 36
• Original Air Date: 1961/10/23
• Writer(s): Jack Elinson and Charles Stewart
• Director: Bob Sweeney

Plot Summary

Andy teaches Mayberry exactly what "Love Thy Neighbor" means in this episode. Andy is forced to evict Frank Myers from his home only to later discover that he holds a century-old bond that is originally believed to be worth $349,119.27.

Since the Mayberry treasury holds just over $10,000, the mayor and town council scramble to keep Frank happy by renovating his run-down home. Later, the bond is discovered to be worthless because it was paid for with Confederate currency.

Once again the town turns on the old man, but Andy is able to convince everyone that they have done something nice and should leave it at that.

Summary

Sheriff Andy Taylor is tasked by the town council with evicting Frank Myers, an elderly man living in a rundown house, due to unpaid taxes and the property being an eyesore. Reluctantly, Andy serves the eviction notice. While sorting through Frank’s belongings, Andy discovers a 100-year-old municipal bond worth $100, issued by Mayberry with 8.5% interest compounded annually. Calculations reveal that the town now owes Frank $349,119.27 — an amount far exceeding Mayberry’s treasury of just over $10,000.

The council, panicked by the prospect of bankruptcy, shifts gears and decides to appease Frank by fixing up his house. However, during the renovations, they realize the bond was issued in 1861, when Mayberry was part of the Confederacy, suggesting it might have been purchased with now-worthless Confederate currency. This revelation turns the tables again, as the council realizes the bond is invalid. Mayberry is saved from financial ruin, and Andy reinforces the value of compassion and fairness so Frank keeps the now repaired home and isn't evicted.

Odd Facts Known by Few

• Actor Andy Clyde"s character "Frank Myers." The name Frank Myers appears in the end credits for just about every episode of The Andy Griffith Show as the character Frank Myers was named after the show's production manager.

• When Frank Myers is showing Andy his valuables, he pulls out an item that he says he got from the St Louis World's Fair of 1906. The St Louis World's Fair started and ended in 1904.

• According to an inflation Adjustment, and they're Goooood adjusters, $349,119.27 from 1961 is worth approximately $3,685,351.17 in today’s dollars, as of March 30, 2025.

• In the final scene before the epilogue, a car with a couple (man and woman) approaches the team repairing Frank's house and asks "is there a hotel in this charming town." Andy says the hotel is six blocks up the road and says "Welcome to Mayberry." The man in the car (driver) said, "Mayberry? We thought this was Elm City." Elm City is an actual town in the east/northeast part of North Carolina. The distance from Elm City to Mt. Airy (Andy Griffith's hometown and the basis for Mayberry) is 189 miles.

• In the epilogue, Andy brings a well-dressed Frank into Mayor Pike's office, stating Frank has a letter from the President of the United States responding to "Mr. Meyer's invitation for the President to come to Mayberry" (Mayor Pike assumes it is JFK). In the letter, the President states "current critical events have kept me close to my office." As the letter closes, it is revealed that the "President" in reference was Jefferson Davis, President of the Confederate States of America, and the "current critical events" was the Civil War. It is assumed the letter was to Frank's relative who owned the bond Frank earlier presented.

• This episode is an ambiguous ending-it is unknown whether the bond was purchased before or after May 20, 1861, the day North Carolina seceded; if the bond was purchased after North Carolina seceded, and in Confederate dollars, of course, it would be worthless; however it was only paid for in "dollars" {denomination not given as either US or CS}; furthermore if it was bought before North Carolina seceded and since Andy figured on the interest after 100 years, this means there was no expiration date on the bonds-thus the town could still owe Myers interest on the bond! Likewise, since two experts had calculated the interest on the Bond, it must have been issued before the outbreak of the Civil War...since as noted above a Confederate War bond ...is worthless! In a real life situation, the ending would be that Mayberry stills owes Frank the interest on the Bonds-minus of course the Taxes that Frank owes.

• At the end of the episode, Frank Myers has a letter from Jefferson Davis, which the Mayor and Andy both treat as a joke. However, such letters from Davis are rare and sell today for tens of thousands of dollars. Such an item put up at auction in the centennial year of Davis's inauguration,1961, likely would have brought in enough money for Frank Myers to pay all of his debts.

• Veteran actor Dick Elliot (Mayor Pike) appears in this October 23, 1961 episode. He passed away two months later, on December 22, 1961.

Notes

• The plot twist in which it is revealed that Frank's ancestor purchased the bond from the City of Mayberry in 1861, possibly with (now worthless) Confederate money, therefore making the bond worthless in 1961, bears some scrutiny.

To begin with, even though the banker, the mayor and the rest of the town council quickly turn against Frank in his front yard when they contemplate the year (1861) when the bond was purchased, they are jumping to huge conclusions. It is only mentioned that the bond was purchased in 1861. No month of purchase is mentioned by any of the characters. Confederate money was not issued until April, 1861 and North Carolina did not secede from the Union until May 20, 1861. If, therefore, the bond was purchased sometime between January 1, 1861 and May 19, 1861, Mayberry, North Carolina was still part of the United States. The "Mayberry bond is invalid because it was sold during the Confederacy" argument that Banker Fergus and Mayor Pike make would be invalid.

Second, even if the bond was purchased on or after May 20, 1861 (the date North Carolina declared its independence from the United States), it is never determined in this episode exactly what kind of money was used to purchase the bond. Even after North Carolina joined the Confederacy, Frank's ancestor could have paid in gold or even in state money. In 1861, there was no Federal Reserve issuing a national currency as we have today. Individual states and banks issued their own unique paper money, which was recognized, honored and accepted based on the reputation of the issuer. Certain states, particularly the Northern ones, continued to issue their own bank notes until 1935, well after the Civil War ended. In other words, Frank's bond could easily have been purchased with some form of currency other than Confederate money.

Character List

• Andy Griffith - Andy Taylor
• Ronny Howard - Opie Taylor
• Frances Bavier - Aunt Bee Taylor
• Dick Elliott - Mayor Pike
• Andy Clyde - Frank Myers
• Warren Parker - Harlan Fergus
• Phil Chambers - Jason
• Jason Johnson - councilman
• Hal Torey - out-of-town motorist