TREASURY

From Agepedia

TREASURY. In the U. States, the department of the treasury is under the management of the secretary of the treasury. (See Secretaries,) In England, there was formerly a lord high treasurer, who was the principal officer of the crown, and under whose charge was the treasure in the royal exchequer. He was invested with his office by the delivery of a white staff to him by the king. But for upwards of a century, the management of the treasury has been put in commission. There are five commissioners, among whom are the first lord of the treasury, and the chancellor of the exchequer. The former is considered as prime minister, and has the appointment of all officers employed in collecting the revenues of the crown, the disposal of all places relating to the revenue, and power to let leases of crown lands. The latter, to whom is specially intrusted the revenue and expenditure of the nation, commonly takes the lead of the ministerial party xU the house of commons, in which the seats occupied by that party are called the treasury benches. The offices of first lord of the treasury and chancellor of the exchequer are sometimes united m the same person, when the former is a commoner, as in the case of Pitt and Canning.