Excerpt from How Our National Debt May Be a National Blessing: The Debt Is Public Wealth, Political Union, Protection of Industry, Secure Basis for National Currency, the Orphans' and Widows' Savings Fund
The Englishman's in consols are mortgages, each and all, upon every nobleman's estate, and every spinning jenny in Great Britain - upon every coal-mine and every ship - a mortgage of record upon every mug of beer held in the fist of a Workingman throughout the Kingdom - a mortgage signed, and delivered on the Whole life, a'ye, 011 the death arid burial of the people of 'all England. It is the nationality of this promise to pay, backed up by the most vigilant, distrustful and thorough system' of taxation,' for the enforcement of which the whole power of the Government, military and civil, is pledged, that makes British cdnsols the equivalent, practically, of British guineas - that makes the four thousand millions of British debt an addition of four thousand millions of money to the capital the Kingdom otherwise possessed at the' beginning of this century.
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