Much of the action of latest release, Mr. Darcy's Bargain, is based around a scam
perpetrated by Mr. Wickham upon the citizens of Meryton, as well as Mr. Darcy's
attempts to thwart him. Wickham convinces many in Hertfordshire to invest in an
annuity scheme. But how exactly did annuities work during the Regency?
First, if you are like me, your eyes blur over
when people in other fields start tossing around the "jargon"
associated with their occupations. I do not pretend to be an expert in such
matters as annuities, but I will attempt to keep my description of public funds
at the time as simple as possible.
First, there were Navy five percent annuities
that were produced from about fifty millions of stock, partly formed out of
navy bills and converted in 1784, into a stock bearing interest at five
percent, whence the name.
Four percent consolidated annuities were popular
at the time. They were produced from a like stock as was the Navy five percent
funds. They offered a profit of 4% as the title indicated. They originally
carried a higher percentage rate.
Three percent consolidate annuities were
produced by above four hundred millions of stock, in part formed by the
consolidation of several stocks, bearing interest at 3%. When the word
"console" is indefinitely used, it is always understood to mean these
annuities. Three percent Irish annuities were produced by about two millions of
stock formed by loans for use of Ireland, before the union with England.
The type of annuity Wickham presents to the
Meryton citizens was one of bank stock, specifically the Bank of England. Bank
stock was a capital of nearly 12 millions with which the company of the bank
has accommodated the government with various loans, and with which they carry
on the banking business, purchase bullion, etc. The dividends on bank stock
were at one time ten percent, so that the profits of the company were near
twelve hundred thousand pounds per annum. This situation was the perfect scam.
Who would not like to earn 10% interest.
Book Blurb
When Elizabeth Bennet appears on his doorstep
some ten months after her refusal of his hand in marriage, Darcy uses the
opportunity to "bargain" for her acceptance of a renewal of his
proposal in exchange for his assistance in bringing Mr. Wickham to justice. In
Darcy's absence from Hertfordshire, Wickham has practiced a scheme to defraud
the citizens of Meryton of their hard-earned funds. All have invested in a Ten Percent
Annuity scheme, including Mr. Bennet, and her family and friends are in dire
circumstances. Elizabeth will risk everything to bring her father to health
again and to save her friends from destitution, but is she willing to risk her
heart? She places her trust in Darcy's thwarting Wickham's manipulations, but
she is not aware that Darcy wishes more than her acquiescence. He desires her
love. And what will happen if Darcy does not succeed in bringing Mr. Wickham to
justice? Will that end their “bargain,” or will true love prevail?
Purchase Links
Read an Excerpt: (Mr. Gardiner has
called Wickham's bluff and demanded a stock certificate as proof of the
investment. Wickham brings one to Mr. Bennet, who is recovering from a spell
with his heart.)
Already apprehensive over Mr. Bingley’s news, when Mr. Wickham again appeared
upon their threshold, Elizabeth was sore to keep her composure. “If it would not upset
Mr. Bennet, I would prefer to present him the certificates you requested,” the lieutenant
announced after they exchanged greetings.
It had been three days since his last visit.
Elizabeth could not help but wonder if Lieutenant Wickham had actual
certificates available. She shot a quick glance to her uncle. “Lizzy will call upon
Mr. Bennet to see if my brother is awake. Doctor Doughty still provides my him
with several powders. While Elizabeth tends her father, come join me in the
small drawing room.”
Elizabeth reluctantly followed her uncle’s instructions. Tapping lightly upon Mr.
Bennet’s door, she was
gladden to observe his sitting before the window and reading a book. Such was
one of her favorite memories of her father–always with a book in his hand. “Ah, Lizzy,” he called when she
peeked in. “Come
to keep your old papa company?”
“Anytime,
sir,” she said with a true smile. “If I had known you were awake, I would have happily made an
appearance.”
Her father’s cheeks claimed a bit of color. “Then join me. Surprisingly, I am
in need of gossip from the lower levels of my house. With Mrs. Bennet still
claiming the periodic role of invalid, unless, of course, she deems it her role
to oversee Jane’s return to Mr.
Bingley’s side, I possess no
one to keep me abreast of the comings and goings under my roof. I feel somewhat
bereft of the tattling, but do not speak a word of this to Mrs. Bennet,
otherwise my lady will fill my remaining days with her chattering.”
“I
fear I shall not deliver the latest news of Mr. Hill’s carbuncle with the same enthusiasm as does Mrs. Bennet, but I am
certain I can present you with the abbreviated version,” she said with bemusement.
“Come
sit with me,” her father instructed.
Elizabeth bit her bottom lips in indecision. “Actually, sir,
Lieutenant Wickham has called and has asked to speak to you. When the gentleman
last called upon Longbourn, uncle inquired of stock certificates. Mr. Wickham
says he would prefer to present yours to you personally.”
Her father’s expression hardened in disapproval. “Gardiner has kept me informed of
the latest developments. I wish you were not so deeply involved in this
madness.”
“I
am no longer a little girl upon your knee,” she argued.
“And
more is the pity,” her father countered. “I would prefer the adoring eyes of my dearest Lizzy rather than the
assessing gaze of Miss Elizabeth Bennet.”
“Are
you well enough to speak to Lieutenant Wickham? If you are too tired, I will
ask Uncle Gardiner to continue to act in your stead,” she asked in concern.
Her father sighed deeply. “I have avoided this chaos my
foolishness has created long enough. See Mr. Wickham up.”
Elizabeth was not happy with this choice, but
she nodded her acceptance. “I shall return in a few moments, sir.”
Her father reached for her hand as she turned to
go. “Elizabeth,
leave the door to my dressing room open so Mr. Gardiner may hear my conversation
with Lieutenant Wickham. I wish I possessed Gardiner’s aplomb in business. I will require his advice after Mr. Wickham’s departure. I would also prefer that you
remain in the room. Mayhap your presence will remind me of all I will lose if
Gardiner and Darcy cannot catch Mr. Wickham in the act of fraud.”
“I
shall tell the gentleman I mean to record some of what he says to assist your
memory.”
On her way downstairs she called upon her aunt’s room to explain, “Lieutenant Wickham is below. He
wishes to speak to Mr. Bennet. Father requests that Uncle Edward secret himself
away in Mr. Bennet’s dressing room to
listen to the conversation. Could you relay the message while I see Mr. Wickham
to father’s quarters?”
Aunt Gardiner agreed to use the servants’ stairs so as not to
draw Mr. Wickham’s interest. Within a
few minutes, Elizabeth directed the lieutenant into the small sitting room
attached to her father’s
bedchamber. In her absence, Mr. Bennet had moved his chair to face the open
dressing room door with an empty chair backing the door behind which Mr.
Gardiner would hide. He had placed a blanket across his lap and mussed his
hair. He appeared less robust than previously.
“You
will forgive me, Wickham,”
her father said jovially, “for not rising. I fear struggling
to my feet is still quite tedious.”
“I
understand, sir,” Wickham repeated in practiced respect. “I shan’t keep you long.”
He glanced to Elizabeth. “I am assuming your daughter has
explained the purpose of my call.”
“She
did,” her father acknowledged. “I asked Elizabeth to remain. I pray you hold no objections. My grip
on a pen is not what it once was. Nor is my memory as sharp.” Her father
demonstrated the tremble of his hand. The realization of his infirmity shook
Elizabeth to her core. Tears rushed to her eyes. Had she missed that infirmity
somehow?
“No objection, sir.” Mr. Wickham’s “show” of agreement opened
her eyes further to how well the man could perform to his audience. The idea
that the lieutenant saw her as insignificant crossed her mind. Whereas Wickham
looked upon her as a conquest, Mr. Darcy valued her intelligence. He would seek
her opinions, as her father often did. The acknowledgment only proved how her
earlier judgments of the man were faulty.
Once seated, Mr. Wickham reached into a leather
satchel to remove a rolled document. “I have brought you the official certificate of annuities.”
“Annuities?” her father asked. “I thought we discussed
investing in canals in both Surrey and Lancashire or shipping fleets to the
West Indies.”
Wickham’s obsession with lint upon his uniform had
returned. “We
did, sir,” he confessed with an easy smile, “but after conferring with
Kiernaugh, it was decided that the funds would do better in an annuity. I would
have discussed the change with you, but with your illness, I did not have the
heart to disturb you further. Moreover, I spoke to Sir William and several
others within the neighborhood, and each assured me you would hold no
objections. I pray I did not err in securing your investment, sir.”
Elizabeth studied her father’s customarily animated features. The fact
she could read none of his thoughts in his expression worried her.
“I
should learn more of these annuities before I comment,” Mr. Bennet said evenly. He folded his hands
upon his lap, a sign that indicated his displeasure. Needless to say, Mr.
Wickham did not understand her father’s
unconscious gesture.
Wickham cleared his throat in importance. “I do not pretend
expertise in the matter, but I have learned much of government annuities of
late. Over the years under King George’s
rule, for example, we have seen stocks created by loans to Germany and Ireland
before the union. Some of the annuities are called consols, or consolidated,
from the stock having been informed by the consolidation of several debts of
government.”
Elizabeth scratched out notes of which she hoped
her uncle could make sense.
Wickham continued, “Consolidated annuities
are formed by the consolidation of several stocks bearing the same interest. In
the past there have been three, four, and five percent stocks.”
Mr. Bennet observed, “I doubt there are many
ten percent consolidated annuities.”
Lieutenant Wickham returned to the invisible
lint, and Elizabeth bit her bottom lip to hide her smile. “Not as many as we would like,
but there are a few.” His voice sounded stiff with what was likely false pride for he did
not expect her father to question his actions. “What we have chosen as
investments are a form of bank stocks with which the bank has accommodated the
government with various loans and with which to conduct banking business, such
as purchasing bullions. The dividends on the bank stock are now ten percent,
which could easily prove twelve hundred pounds per annum for the steady
investor.”
Her father asked, “And this is the Bank of England
of which you speak?”
“Most
assuredly,” Wickham declared. “I think I should point out that
India stock, which forms the trading capital of the East India Company,
produces an annual dividend of more than ten percent.”
Mr. Bennet had yet to express his favor or
disapproval. “I
suppose I should see this certificate.”
Lieutenant Wickham passed the rolled paper to her
father. “Come
here, Lizzy,” he instructed. “I will require your steady hand and your clear eyes.”
Elizabeth knelt beside her father, unrolled the
paper, and held it where he could study it.
“Read
it for me, Lizzy,” Mr. Bennet said with what sounded of exhaustion. She shot him a look
of concern, but she did as he asked.
Swallowing back her tears, she read aloud, “The United Kingdom of
Great Britain and Ireland Ten Per Cent Annuities. Received this 26th day of
January of 1813, of Thomas Bennet the sum of one thousand pounds being the
consideration for one thousand pounds. Interest or share in the capital of
joint stock of the Ten Per Cent Annuities, (erected by an Act of Parliament of
the 53rd year of the reign of His Majesty King George III Entitled, and all for
granting annuities to satisfy certain Navy, Victualling and transportation
bills, and ordnance debentures, and by other subsequent acts) transferable at
the Bank of England, together with the proportional annuity attending the same,
by Jasper Kiernaugh this day transferred to the said Thomas Bennet. There are
also the names of the witnesses, as well as when dividends are paid, etcetera.”
Her father winked at her, and Elizabeth breathed
easier. She had not known until that moment that he pretended to be an invalid.
To Wickham he said, “Everything
appears in order. Needless to say, I should have my solicitor look at this.”
“I
assure you Mr. Philips approves of the investment,” Wickham said in confidence.
Her father motioned her to roll the certificate
again and place it on the table. “I am pleased to hear that Philips has examined the document.” He coughed heavily
and then rested his head against the cushion of the chair back. “If you will pardon me,
Lieutenant,” he said breathlessly. “I find my energies are thin. Lizzy, ring for Mrs. Hill to show Mr.
Wickham out. I will require your assistance, child.”
“Certainly,
sir,” Wickham said as he rose. “If you have additional questions, do not hesitate to send word. I
remain your servant, sir.”
Mr. Bennet nodded genially, but as Wickham made
his way to the door, her father said nonchalantly, “I am surprised that Kiernaugh
chose a loan to the English government. I thought the man an American. Are we
not at war with the country?”
He had not raised his head from the cushioned back.
Mr. Wickham stumbled to a halt as his expression
betrayed how his mind raced to form a response. “I must have misspoke,” he said in what
sounded of earnestness. “Kiernaugh
has been in America for the better part of ten years, but his loyalties remain
with England, as do all who serve His Majesty.”
28 comments:
Thanks for hosting me today, Maria. I appreciate the kindness.
I really enjoyed the excerpt! I smiled at Mr Bennet pretending to be weaker than he is :)
You are always very welcome, Regina!
I could not have Elizabeth so worried over her father that she did something uncharacteristic, Charlotte. Moreover, can you not imagine Mr. Bennet "playing" with Wickham? He was quite amused by Mr. Collins.
Grrrr...Wickham is up to more shenanigans! Great excerpt!
Thanks for such an interesting insight into the historical background of your story, Regina, and for such a tantalising excerpt too. I love the idea of Mr. Bennet playing with Wickham in an attempt to exact more information from him.
One of the things I've puzzled about from canon P&P is Mr. Collins remark to Elizabeth during his proposal: "and that one thousand pounds in the four per cents, which will not be yours till after your mother's decease, is all that you may ever be entitled to." Does that mean that Mrs. Bennet's dowry, of presumably £5000, was jnvested in one of the schemes you mention in your post?
I wonder if Wickham understands much of what he said
You know our Mr. Wickham, Pam. He is part of the "victim mentality" generation.
Okay, Anji, this is how it goes. When Mrs. Bennet married Mr. Bennet, £5000 was settled upon her by her father, the elder Mr. Gardiner. In the settlements, the gentleman generally sets the amount aside for the future of his daughters. Each of the 5 Bennet girls will have £1000 when they marry, which is more than enough to attract a gentleman farmer or a man working as a curate (such as was Wentworth's brother in Persuasion) or perhaps a country squire with less land than Mr. Bennet, but it would not be enough for a man of Darcy's consequence. If you think on it, Darcy is taking a big hit in the purse between what he presents to Wickham to marry Lydia. That is not counting the outlay of £30,000 when Georgiana marries.
As to my story line, I have Mr. Bennet invest £1000 in order to secure larger dowries for his daughters. Men often "spent" money they did not have. Bennet could recoup the loss (over a period of time) if the crops stay strong, etc. However, it would not be easy. The family would need to practice economy.
Wickham has a gentleman's education, but we do not know how well he performed at school. The way the annuities were worded is confusing, such is the reason I included the image with the post for I used the image in this scene. I doubt if he understood the concepts of the issuance of annuities, such is why I have him change the original scheme from a canal scam to the annuities because the annuities would be harder to understand by the average investor.
Er,please don't take this personally, but your initial description of the annuities felt too much like reading a textbook. There are your glazed eyes! Um, the excerpt was great, though! :-)
Very much looking forward to reading this book.
The old annuities document really captured my attention to this post being that I am a professional genealogist and love, love, love old documents. And I love all things historical. This book sounds wonderful!!!
Love the premise of this book and thanks for the interesting post!
Ugh, Wickham, that slimeball!
How does one explain annuities unless one is immersed in the "jargon," Ginna? I am a teacher. We speak "textbook" some times. LOL!
Sonja, I included the document so people would make the connection in the excerpt. I, too, love such historical finds.
I appreciate your joining me today, Maria.
Laurie, Wickham reminds me of many of the generation that blame the world for all their woes. What happened to pull yourself up by the boot straps?
Wonderful excerpt. I can't wait to see how this all plays out. Congratulations, Regina.
There are lots of twists and turns in the book, Becky.
to be honest I did not know anything about the annuities, so it has been interesting the explication about them.
I have liked the excerpt and I am sooooo looking forward to having Wickham finally paying for his "sins" that I am so sure I will love this book!
I have been reading lots of legal statutes of late as part of my research for a new book. Annuities were easy compared to some of legal jargon. Each occupation has its "job speak." As a teacher, we used anecdotal records, kinesthetic tactile skills, criterion check, formative evaluation, etc. Breaking through the double-speak is always the key to understanding any subject.
Regina I really enjoy how much I learn about the Regency era from your books because you do so much extra research when writing them. I hope you know your readers appreciate it!!!
I have made my fair number of mistakes over the years, Danielle, but it is not for a lack of attempting to be accurate. I appreciate your kind words for they prove the effort was worth the trial.
I loved the excerpt! Regina, congrats on your release!
I can't wait to read this book! I love pride and prejudice variations!!
Thanks for being a loyal support of my books, Caryl.
Loving Pride and Prejudice variations makes you part of something "spectacular," DanieX.
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