Stephen Edward Spring-Rice

“ An exchequer bond is a promise by government to pay a specified sum after a specified period, generally three or five years, and meanwhile to pay interest half-yearly at a specified rate on that sum. Government possesses no general power to issue exchequer bonds; such power is only conferred by a special act, and for specified purposes; but when the power has been created, exchequer bonds issued in pursuance of it are governed by general statutory provisions contained in the Exchequer Bills and Bonds Act 1866, and amending acts. ”

“ In 27 Henry VIII. the court of augmentations was established to deal with forfeited lands of monasteries. This was followed in 32 & 33 Henry VIII. by the courts of first-fruits and tenths and of general surveyors. These were reabsorbed by the exchequer in 1 Mary, but remained as separate departments within it. But the development of the treasury, which succeeded to the functions of the camera curie or the king’s chamber, ultimately reduced the administrative functions of the exchequer to unimportance, and the audit office took over its duties with regard to public accounts. ”

“ The third column in the above shows the price which has to be paid (in the form of discrepancies between facts and figures) for the simplicity secured to statements and records of the national finance by the present system embodied in the term exchequer. Probably few will think the price too high in consideration of the advantages secured. ”

“ In the meantime the increasing length and variety of accounts, as well as the growth of judicial business, had led to various efforts at reform. As early as 22 Henry II. it became necessary to remove from the great roll the debts which it seemed hopeless to levy, and further ordinances to the same end were made by statute in 54 Henry III. and in 12 Edward I. By this last a special “exannual roll” was established in which the “desperate debts” were recorded, in order that the sheriff might be reminded of them yearly without their overloading the great roll. ”

“ In Ireland Lord Chief Baron Palles was the last to retain the old title. A street near Dublin Castle is called Exchequer Street, recalling the separate Irish exchequer, which ceased in 1817. The old term also survives in the full title of the treasury representative in Scotland, which is “The King’s and the Lord Treasurer’s Remembrancer in Exchequer,” while his office in the historic Parliament Square is styled “Exchequer Chambers.” ”

“ The annual account is closed on the evening of the 31st of March, and there can be no reopening of the budget of a past year such as may occur under other financial systems. The second effect of the system is to introduce a certain artificiality into the financial statements. ”