Notes about Notes (or, Funding 'the Funds')

There are a few references to money in The Importance of Being Earnest, usually regarding whether or not one has some, generally followed by a clever quip. (Are 'food' and 'money' the 'death' and 'taxes' of Earnest/Oscar Wilde? Hmm.) Let's see if we can bring in a little clarity.

Cecily Cardew's fortune is valued at '130,000 pounds in the funds.' The Funds were another name for the British national debt. When investors put their money 'in the funds' (or invested it in government stocks which paid against the national debt) they were guaranteed an annual return from the government of 3-5% (which led to the nicknames 'the three-percenters' and 'the five-percenters'). It was an extremely stable investment, and therefore very popular. People could have made more putting their money in other stocks, investment schemes, or even banks, but nothing else was as secure on the return as the funds.

This means that Cecily was quite the heiress - and her yearly investment income was between 3,900-6,500 pounds. By the best calculations I could find, her principal (130,000 pounds) would be worth $11,050,000 dollars today, with her annual income from that 3-5% at $331,500 - $552,500. (And remember, Jack's income is 7-8,000 pounds a year himself!) For comparison, note that in the Victorian era the average annual salary for a professional upper-middle class man was around 700 pounds.

(For Pride & Prejudice fans, remember that almost 80 years earlier Mr. Darcy had an income of 10,000 pounds a year, and Mr. Bingley had 5,000. Those boys were extraordinarily well off.)

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The state of the Bracknell family's finances seems to be largely open to interpretation; having an aristocratic title was no guarantee of also having money, land, or other resources even while chances were good that an inherited title could also come with (at least) family money. As the world moved into the Industrial Revolution the traditional feudal system started to break down, and aristocrats who kept or increased their money were ones who invested in new technologies or the funds and stopped relying solely on land rents (or gambling). Lady Bracknell says she had no money herself when she was younger, and that she married Lord Bracknell in large part for his money - there is no indication in the script that the family fortunes had increased or decreased. Either could easily be a valid interpretation.

The usual practice (as Lady B states) was for marriages to be arranged by parents for the purpose of acquiring additional money, property, or interpersonal connections. Her reluctance to accept Jack as a suitor for Gwendolyn is based on his lack of family, which may indicate that the Bracknell's are not as interested in his money - or at least that connections are Lady B's primary goal. Her willingness to accept Cecily in spite of her lack of family may be an indication that Algy needs money more than he needs connections, or that Lady Bracknell is willing to be slightly more distantly connected to Jack's money... or may indicate that being a young, rich, pretty female has more social value even than being a wealthy, untitled male.

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'The only thing that can console one for being poor is extravagance. The only thing that can console one for being rich is economy.'

- Oscar Wilde

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