That everyone is allowed to learn to read will in the long run ruin not only writing but thinking, too. Once spirit was God, then it became man, and now it is even becoming mob.
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Nietzsche is pointing at the dangers of allowing everyone to read.
He is saying that human beings are part of a collective consciousness. That that collective consciousness is made up of all the people who can think as they all contribute their thoughts to society
And since thinking is a function of reading and writing, the more accessible reading and writing becomes, the more base it is likely to become and therefore more base the collective consciousness
In a way, it might be true Equality for all might be a value that we might want to uphold as a society. But do we understand what it is likely to do to our collective consciousness?