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(1) A depository of money, valuables, and other material wealth of khans, tsars, grand dukes and appanage princes, and monasteries.
(2) In centralized states, the aggregate of financial resources of the state. Through the treasury, the state is legally the holder of certain property rights and interests. Socialist countries haveno need for this concept of a treasury.
in capitalist countries a special government body in charge of the cash fulfillment of the state budget. The treasury organizes the collection of such state revenues as taxes, fees, customs duties, and the proceeds from sale of state bonds; it also allocates funds to cover budget expenditures. In many instances the treasury issues paper money.
In the USA the Department of the Treasury is the ministry of finance; in France the treasury is set up as the treasury office of the Ministry of Finance, and in Great Britain it is an independent agency. In most capitalist countries, the state makes the central banks of issue responsible for the cash fulfillment of the budget. The “bank system” reduces state expenses for maintaining the treasury administration and facilitates state control over the resources of the budget.
In Russia the treasury was established after 1863 when the department of the state treasury was created within the Ministry of Finance. The treasury exercised control over the local bodies known as financial boards. All revenues collected by the treasury system were registered in one account at the state bank.
There is no treasury in the USSR. Cash fulfillment of the statebudget is accomplished by the Gosbank (State Bank) of the USSR.
A. B. EIDEL’NANT