Chancellor of the Exchequer 1660-1870

Chancellor of the Exchequer 1660-1870

The Chancellor of the Exchequer was in origin an official of the court of Exchequer. (fn. 1) From 1592 he invariably held the office of Under Treasurer of the Exchequer concurrently. The two offices were granted by distinct letters patent under the great seal dated the same day. (fn. 2) They were held on a life tenure until 1676 and during pleasure thereafter. On entering office the Chancellor of the Exchequer took oaths before the Lord Chancellor and in the Exchequer. By the early eighteenth century his connection with the Exchequer court was already tenuous. Nevertheless as late as the nineteenth century there remained certain functions, such as the sealing of instruments, which could only be performed on his authority. As a consequence it was customary, when vacancies in the office occurred, to appoint the Chief Justice of the King's Bench as temporary Chancellor to enable the routine work of the court to be carried on. (fn. 3) These temporary Chancellors were not officials of the Treasury and their appointments have been inserted in the following list only in the interests of providing a complete account of the succession to the office.

The functions of the Chancellor of the Exchequer within the Treasury derived from the fact that, as Under Treasurer, he occupied an office which had its origin in the position of deputy or associate of the Treasurer. When the Treasury was in the hands of Commissioners he was one of their number. (fn. 4) Between 1714 and 1835, except for a brief period in 1743, he was, unless a member of the House of Lords, also First Lord. After 1835 these two offices have been held separately except for the years 1873-4 and 1880-2. From 1710 it was the custom for the Chancellor to occupy the second place in the Treasury commission when the First Lord was in the House of Lords. (fn. 5) In 1817, following the consolidation of the revenues, the Chancellor of the Exchequer of Great Britain was appointed Chancellor of the Exchequer of Ireland and the two offices remained united thereafter. (fn. 6) The process by which the effective powers of the Treasury came to be vested in the Chancellor was gradual. The evidence suggests that it was complete by 1839. (fn. 7)

The remuneration of the Chancellor was originally derived from a number of different sources. The patent salaries amounted to £200. From at least 1685 an additional salary of £1600 was paid in consideration of the relinquishment of certain profits and perquisites. (fn. 8) The Chancellor also enjoyed fees arising from instruments passed under the Exchequer seal. In 1817 the emoluments of the Irish chancellorship were attached to the office. If the Chancellor was a Treasury Lord he received a separate salary as such. In 1830 the total receipts of the office amounted to £5398. In the following year the former arrangements were superseded by a consolidated salary of £5000 or £7500 when the office was held concurrently with that of First Lord. (fn. 9)

In the following list of appointments the date down to and including 1767 is that of the letters patent. From 1782 it is that of the reception of the seals which from this time invariably preceded the issue of the letters patent.

LIST OF APPOINTMENTS