It will and must be measured by the happiness and welfare of the children, at once the most vulnerable citizens in any society and the greatest of our treasures. based on the context of the passage above, the meaning of treasure is

Children

Based on the context of the passage above, the meaning of treasure is “children.”  This is so because the author seems to communicate the value he has, and recommends all do, for the future.  Because a society has no future if it has no children who will one day be adults; a society would be doomed to extinction, and there would be no future, if there we no children.  Thus, a society’s greatest treasure should be its children—children, of course, guarantee there will be a society at all in the future.

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