Obviously General Loring was a Confederate officer, so the story could not have been about him. During the Mexican War, Wallace was a young (age twenty) officer of the 1st Indian Volunteers. Relieved of duty some time in June 1862, shortly after the town was occupied by Northern troops, he may never have been in Jackson.

At least we can narrow the time frame for the incident as reported from June 1862 to March 1864.