Why is England-Australia Test series called 'The Ashes'?

England was beaten at home for the first time by Australia on August 29, 1882, following which an English newspaper featured a mock obituary of English cricket. "The body will be cremated and the ashes taken to Australia," it read. The then England captain vowed to "regain those ashes", termed as 'a quest to regain the Ashes', by English media.