Consols An Abbreviation

Consols An Abbreviation

Consols, an abbreviation of 'Consolidated Stock'. Various sums of public money borrowed at different times by the Government were consolidated in 1787 into one debt called the Funded Debt. The various sources of revenue were consolidated at the same time and the consolidated funds were pledged as a security for the payment of the interest, fixed at 21 per cent. Strictly, Consols are not a loan, since the Government need not repay the money. An investor in Consols is really buying the right to a perpetual annuity or annual payment of interest on his money, but he can sell them at prices reflecting the yield on securities of comparable security.

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