The Delta 1460 wood lathe included a tool tool support base that is also known as the banjo. The base slides along the bed of the lathe and locks in place by tightening the lower handle. This securely clamps the tool support base to the lathe bed. You can move the tool rest support base along the lathe bed from left to right and in and out depending on the size piece of wood being turned. The tool support base for the Delta 1460 lathe had a Delta Part Number
The older Delta banjos hold a tool rest with a post diameter between 1″and 1 1/8″. The tool rest post is inserted into the banjo and tightened at the appropriate height.
The below is known at Delta Part No. 1461, Tool Support Base.
The tool support base in the photos below has a slightly different handle for tightening the banjo to the lathe bed.