Joseph Smith - History 1

With the assistance of Oliver Cowdery, the Prophet Joseph Smith recorded -

"We still continued the work of translation, when, in the ensuing month (May, 1829), we on a certain day went into the woods to pray and inquire of the Lord respecting baptism for the remission of sins, that we found mentioned in the translation of the plates. While we were thus employed, praying and calling upon the Lord, a messenger from heaven descended in a cloud of light, and having laid his hands upon us, he ordained us..." (Pearl of Great Price JS-History 1:68)

The angel being John, he who was called John the Baptist said -

"Upon you my fellow servants, in the name of Messiah, I confer the Priesthood of Aaron, which holds the keys of the ministering of angels, and of the gospel of repentance, and of baptism by immersion for the remission of sins; and this shall never be taken again from the earth until the sons of Levi do offer again an offering unto the Lord in righteousness." (Pearl of Great Price JS-History 1:69)

In my mind, what is significant is not just that Joseph and Oliver were conferred the Aaronic priesthood, but also priesthood "keys". In my own simple definition, priesthood keys is the authority to give permission for themselves or others to administer priesthood ordinations and ordinances. This becomes more apparent as President Wilford Woodruff explained -

"Joseph Smith never attempted to organize this Church until he received commandment so to do from God. He never attempted to baptize a man until he received the Aaronic priesthood under the hands of John the Baptist. . . . He never attempted to officiate in any of the ordinances of the Gospel until he received the Apostleship under the hands of Peter, James and John. These men appeared to him. They laid their hands upon his head and sealed the Apostleship upon him with all the power thereof." (in Journal of Discourses, 24:241)

Bishop Joseph L. Wirthlin, then Presiding Bishop of the Church, also said -

"By divine direction, the Apostolic Presidency, Peter, James, and John bestowed upon Joseph Smith and his associate the Melchizedek Priesthood which holds the keys of loosening and binding both upon the earth and in the heavens, the laying on of hands for the gift of the Holy Ghost, the keys to preach the gospel to every nation, kindred, tongue and people, the keys for the work for the dead, and, hence, the relationship which existed between the prophets and apostles of old was established in this day to the end that the Lord’s plans for the eternal blessing of his children might be brought into fruition” (in Conference Report, Apr. 1954, 4; see also Matthew 16:13–19; 17:3; John 15:16; Teachings of the Prophet Joseph Smith, 157–58).