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For, it is the country's greatest debtor and its greatest creditor, while there is no debtor so free of seizure and no creditor so absorbing, since, making the laws and possessing the force, it can, firstly, repudiate indebtedness and send away the fund-holder with empty hands, and next, increase taxation and empty the taxpayer's pocket of his last penny.
The 'fund-holder' is always considered in the books of that time as opposed to his 'legitimate' sovereign, because it was to be feared that this sovereign would repudiate the debt which was raised by those who dethroned him, and which was spent in resisting him and his allies.
'Just like him! to be off gaily to try and overcome or come over the greatest power in England. They were England herself; the squat old woman she has become by reason of her overlapping numbers of the comfortable fund-holder annuitants: a vast body of passives and negatives, living by precept, according to rules of precedent, and supposing themselves to be righteously guided because of their continuing undisturbed.
'Just like him! to be off gaily to try and overcome or come over the greatest power in England. They were England herself; the squat old woman she has become by reason of her overlapping numbers of the comfortable fund-holder annuitants: a vast body of passives and negatives, living by precept, according to rules of precedent, and supposing themselves to be righteously guided because of their continuing undisturbed.
When, then, you force the fund-holder to submit to a diminution of interest, you make him bankrupt to the extent of the diminution; and since, in consequence of the conversion, an equally profitable investment becomes impossible, you depreciate his property.
Now, this so-called conversion is an extensive expropriation, and in this case with no indemnity whatever. The public funds are so much real estate, the income from which the proprietor counts upon with perfect safety, and which owes its value to the tacit promise of the government to pay interest upon it at the established rate, until the fund-holder applies for redemption.
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