From the May 11, 1908 NYT:

One night in jail was enough for Edwald Siebert. Rather than pay a fine of $10 and costs, assessed on a charge of being disorderly, Siebert, who is 60 years old and reputed to be worth $60,000, declared he would work it out in the county workhouse.

After spending last night in a cell, Siebert sent for his secretary and had him go to Justice Wangelin's court and pay $18.50, the fine and costs.

$10 in 1908 was approximately $226 in 2006 dollars. It seems that Mr. Siebert had a mistaken impression of the net costs of jail. However, given that his information set had changed, particularly that the value of time behind bars was considerably less than the value of time not behind bars, at least Mr. Siebert had a buy-out option (for $418 2006 dollars).