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𝘛𝘩𝘦 𝘍𝘦𝘥𝘦𝘳𝘢𝘭 𝘙𝘦𝘴𝘦𝘳𝘷𝘦 𝘩𝘢𝘴 𝘢 𝘥𝘪𝘴𝘵𝘶𝘳𝘣𝘪𝘯𝘨 𝘱𝘭𝘢𝘯 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘳𝘦𝘢𝘥𝘺 𝘵𝘰 𝘳𝘰𝘭𝘭 𝘰𝘶𝘵 𝘢𝘴 𝘴𝘰𝘰𝘯 𝘢𝘴 𝘔𝘢𝘺. [Mobile logo MES](   [MES main logo](     The Federal Reserve has a disturbing plan that is getting ready to roll out as soon as May. This is a lot more than printing trillions of dollars or manipulating interest rates. It's about every checking account, every purchase and every money transfer in America — including yours and mine. [Click here to discover how to protect your money]( Robert Walpole, 1st Earl of Orford, KG, PC (26 August 1676 – 18 March 1745), known between 1725 and 1742 as Sir Robert Walpole, was a British statesman and Whig politician who, as First Lord of the Treasury, Chancellor of the Exchequer, and Leader of the House of Commons, is generally regarded as the de facto first Prime Minister of Great Britain. Although the exact dates of Walpole's dominance, dubbed the "Robinocracy",[1] are a matter of scholarly debate, the period 1721–1742 is often used. He dominated the Walpole–Townshend ministry, as well as the subsequent Walpole ministry, and holds the record as the longest-serving British prime minister. W.A. Speck wrote that Walpole's uninterrupted run of 20 years as prime minister "is rightly regarded as one of the major feats of British political history. Explanations are usually offered in terms of his expert handling of the political system after 1720, [and] his unique blending of the surviving powers of the crown with the increasing influence of the Commons".[2] Walpole was a Whig from the gentry class who was first elected to Parliament in 1701 and held many senior positions. He was a country squire and looked to country gentlemen for his political base. Historian F. O'Gorman says his leadership in Parliament reflected his "reasonable and persuasive oratory, his ability to move both the emotions as well as the minds of men, and, above all, his extraordinary self-confidence".[3] Hoppit says Walpole's policies sought moderation, he worked for peace, lower taxes and growing exports and allowed a little more tolerance for Protestant Dissenters. He mostly avoided controversy and high-intensity disputes as his middle way attracted moderates from both the Whig and Tory camps, but his appointment to Chancellor of the Exchequer after the South Sea Bubble stock-market crisis drew attention to perceived protection of political allies by Walpole.[4][5] H. T. Dickinson sums up his historical role by saying that "Walpole was one of the greatest politicians in British history. He played a significant role in sustaining the Whig party, safeguarding the Hanoverian succession, and defending the principles of the Glorious Revolution (1688). He established stable political supremacy for the Whig party and taught succeeding ministers how best to establish an effective working relationship between Crown and Parliament".[6] Some scholars rank him highly among British prime ministers.[7] Early life Walpole was born in Houghton, Norfolk, in 1676. One of 19 children, he was the third son and fifth child of Robert Walpole, a member of the local gentry and a Whig politician who represented the borough of Castle Rising in the House of Commons, and his wife Mary Burwell, the daughter and heiress of Sir Geoffrey Burwell of Rougham, Suffolk. Horatio Walpole, 1st Baron Walpole was his younger brother.[8] As a child, Walpole attended a private school at Massingham, Norfolk.[9] Walpole entered Eton College in 1690[10] where he was a King's Scholar.[11] He left Eton on 2 April 1696[9] and matriculated at King's College, Cambridge on the same day.[10] On 25 May 1698, he left Cambridge after the death of his only remaining older brother, Edward, so that he could help his father administer the family estate to which he had become the heir. Walpole had planned to become a clergyman but as he was now the eldest surviving son in the family, he abandoned the idea. In November 1700 his father died, and Robert succeeded to inherit the Walpole estate. A paper in his father's handwriting, dated 9 June 1700, shows the family estate in Norfolk and Suffolk to have been nine manors in Norfolk and one in Suffolk.[12] Early career Business success As a young man, Walpole had bought shares in the South Sea Company, which monopolised trade with Spain, the Caribbean, and South America. The speculative market for slaves, rum, and mahogany spawned a frenzy that had ramifications throughout Europe when it collapsed. However, Walpole had bought at the bottom and sold at the top, adding greatly to his inherited wealth and allowing him to create Houghton Hall as seen today.[13][a] Political career Walpole's political career began in January 1701 when he won a seat in the English general election at Castle Rising in Norfolk. He left Castle Rising in 1702 so that he could represent the neighbouring borough of King's Lynn, a pocket borough that would re-elect him for the remainder of his political career. Voters and politicians nicknamed him "Robin".[12] Like his father, Robert Walpole was a member of the Whig Party.[14] In 1705, Walpole was appointed by Queen Anne to be a member of the council for her husband, Prince George of Denmark, Lord High Admiral. After having been singled out in a struggle between the Whigs and the government, Walpole became the intermediary for reconciling the government to the Whig leaders. His abilities were recognised by Lord Godolphin (the Lord High Treasurer and leader of the Cabinet) and he was subsequently appointed to the position of Secretary at War in 1708; for a short period of time in 1710 he also simultaneously held the post of Treasurer of the Navy.[15] Despite his personal clout, however, Walpole could not stop Lord Godolphin and the Whigs from pressing for the prosecution of Henry Sacheverell, a minister who preached anti-Whig sermons. The trial was extremely unpopular with much of the country, causing the Sacheverell riots, and was followed by the downfall of the Duke of Marlborough and the Whig Party in the general election of 1710. The new ministry, under the leadership of the Tory Robert Harley, removed Walpole from his office of Secretary at War but he remained Treasurer of the Navy until 2 January 1711. Harley had first attempted to entice him and then threatened him to join the Tories, but Walpole rejected the offers, instead becoming one of the most outspoken members of the Whig Opposition. He effectively defended Lord Godolphin against Tory attacks in parliamentary debate, as well as in the press.[16] In 1712, Walpole was accused of venality and corruption in the matter of two forage contracts for Scotland. Although it was proven that he had retained none of the money, Walpole was pronounced "guilty of a high breach of trust and notorious corruption".[17] He was impeached by the House of Commons and found guilty by the House of Lords; he was then imprisoned in the Tower of London for six months and expelled from Parliament. While in the Tower he was regarded as a political martyr, and visited by all the Whig leaders. After he was released, Walpole wrote and published anonymous pamphlets attacking the Harley ministry and assisted Sir Richard Steele in crafting political pamphlets. Walpole was re-elected for King's Lynn in 1713.[17] Stanhope–Sunderland ministry Main articles: First Stanhope–Sunderland ministry and Second Stanhope–Sunderland ministry Queen Anne died in 1714. Under the Act of Settlement 1701, which excluded Roman Catholics from the line of succession, Anne was succeeded by her second cousin, the Elector of Hanover, George I. George I distrusted the Tories, who he believed opposed his right to succeed to the Throne. The year of George's accession, 1714, marked the ascendancy of the Whigs who would remain in power for the next fifty years. Robert Walpole became a Privy Councillor and rose to the position of Paymaster of the Forces[18] in a Cabinet nominally led by Charles Montagu, 1st Earl of Halifax, but actually dominated by Charles Townshend, 2nd Viscount Townshend (Walpole's brother-in-law) and James Stanhope (later 1st Earl Stanhope). Walpole was also appointed chairman of a secret committee formed to investigate the actions of the previous Tory ministry in 1715.[19] Robert Harley, 1st Earl of Oxford and Earl Mortimer was impeached, and Henry St John, 1st Viscount Bolingbroke suffered from an act of attainder.[18] Halifax, the titular head of the administration, died in 1715 and by 1716 Walpole was appointed to the posts of First Commissioner (Lord) of the Treasury and Chancellor of the Exchequer. He was a member of the Board of General Officers established in 1717 to investigate the abuse of pay. Walpole's fellow members, appointed by the Prince of Wales (later George II), included William Pulteney, 1st Earl of Bath, Secretary at War; General Lumley; General Erle; and Sir Philip Meadowes, Controller of the Army and Knight Marshal of the King's Palace,[20][21][b] whose daughter, Mary Meadows,[22][23] was maid-of-honour to Walpole's friend, Queen Caroline. A keen huntsman, Walpole built for himself Great Lodge (Old Lodge) in Richmond Park. Philip Medows, the deputy ranger of the park and son of Walpole's political ally, Sir Philip Meadowes, lived at Great Lodge after Walpole had vacated it.[24][25][20] In his new political positions, and encouraged by his advisers, Walpole introduced the sinking fund, a device to reduce the national debt.[26] The Cabinet of which he was a member was often divided over most important issues. Normally, Walpole and Townshend were on one side, with Stanhope and Charles Spencer, 3rd Earl of Sunderland on the other. Foreign policy was the primary issue of contention; George I was thought to be conducting foreign affairs with the interests of his German territories, rather than those of Great Britain, at heart. The Stanhope–Sunderland faction, however, had the King's support. In 1716 Townshend had been removed from the important post of Northern Secretary and put in the lesser office of Lord Lieutenant of Ireland.[27] Even this change did not appease Stanhope and Sunderland, who secured the dismissal of Townshend from the Lord-Lieutenancy in April 1717.[27] On the next day, Walpole resigned from the Cabinet to join the Opposition "because I could not connive at some things that were carrying on",[28] and by joining the opposition he did not intend "to make the king uneasy or to embarrass his affairs."[29] This began the Whig Split, dividing the dominant party for three years. In the new Cabinet, Sunderland and Stanhope (who was created an Earl) were the effective heads.[citation needed] Walpole reversed his earlier support for the impeachment of Robert Harley, the former first minister, and joined with the Tory opposition in securing an acquittal in July 1717.[30] Soon after Walpole's resignation, a bitter family quarrel between the King and the Prince of Wales, split the Royal Family. Walpole and others who opposed the Government often congregated at Leicester House, the home of the Prince of Wales, to form political plans.[31] Walpole also became an adviser and close friend of the Prince of Wales's wife, Caroline.[32] In 1720 he improved his position by bringing about a reconciliation between the Prince of Wales and the King.[33] Walpole continued to be an influential figure in the House of Commons.[34] He was especially active in opposing one of the Government's more significant proposals, the Peerage Bill, which would have limited the power of the monarch to create new peerages.[35] Walpole brought about a temporary abandonment of the bill in 1719[34] and the outright rejection of the bill by the House of Commons.[32] This defeat led Stanhope and Sunderland to reconcile with their opponents;[36] Walpole returned as Paymaster of the Forces[32] and Townshend was appointed Lord President of the Council. By accepting the position of Paymaster, however, Walpole lost the favour of the Prince of Wales (the future King George II), who still harboured disdain for his father's Government.[37] Rise to power and decline Soon after Walpole returned to the Cabinet, Britain was swept by a wave of over-enthusiastic speculation which led to the South Sea Bubble.[32] The Government had established a plan whereby the South Sea Company would assume the national debt of Great Britain in exchange for lucrative bonds. It was widely believed that the company would eventually reap an enormous profit through international trade in cloth, agricultural goods, and slaves.[38] Many in the country, including Walpole himself (who sold at the top of the market and made 1,000 per cent profit), frenziedly invested in the company. By the latter part of 1720, however, the company had begun to collapse as the price of its shares plunged.[32][39] In 1721 a committee investigated[39] the scandal, finding that there was corruption on the part of many in the Cabinet. Among those implicated were John Aislabie[32] (the Chancellor of the Exchequer), James Craggs the Elder (the Postmaster General), James Craggs the Younger (the Southern Secretary), and even Lords Stanhope and Sunderland (the heads of the Ministry). Both Craggs the Elder and Craggs the Younger died in disgrace; the remainder were impeached for their corruption. Aislabie was found guilty and imprisoned, but the personal influence of Walpole saved both Stanhope and Sunderland. For his role in preventing these individuals and others from being punished, Walpole gained the nickname of "The Screen",[40][c] or "Screenmaster-General".[5] The resignation of Sunderland and the death of Stanhope in 1721 left Walpole as the most important figure in the administration.[5] On 3 April 1721 he was appointed First Lord of the Treasury, Chancellor of the Exchequer and Leader of the House of Commons.[5][41] Walpole's de facto tenure as "prime minister" is often dated to his appointment as First Lord of the Treasury in 1721,[32] though he himself rejected that title (it was originally a term of abuse), stating in 1741: "I unequivocally deny that I am sole and prime minister."[42] His brother-in-law Lord Townshend served as Secretary of State[43] for the Northern Department and controlled the nation's foreign affairs. The two also had to contend with the Secretary of State for the Southern Department, Lord Carteret.[44] Townshend and Walpole were thus restored to power and "annihilated the opposing faction".[32] Premiership under George I Further information: Walpole–Townshend ministry Under the guidance of Walpole, Parliament attempted to deal with the financial crisis brought on by the South Sea Bubble. The estates of the directors of the South Sea Company were used to relieve the suffering of the victims, and the stock of the company was divided between the Bank of England and East India Company.[32] The crisis had gravely damaged the credibility of the King and of the Whig Party, but Walpole defended both with skilful oratory in the House of Commons.[45] Walpole's first year as prime minister was also marked by the discovery of a plot formed by Francis Atterbury, the bishop of Rochester.[46] The exposure of the scheme crushed the hopes of the Jacobites whose previous attempts at rebellion (most notably the risings of 1715 and 1719) had also failed. The Tory Party was equally unfortunate even though Lord Bolingbroke, a Tory leader who fled to France to avoid punishment for his Jacobite sympathies, was permitted to return to Britain in 1723.[47] Speaker Arthur Onslow calling upon Sir Robert Walpole to Speak in the House of Commons by William Hogarth During the remainder of George I's reign, Walpole's ascendancy continued; the political power of the monarch was gradually diminishing and that of his ministers gradually increasing.[48] In 1724 the primary political rival of Walpole and Townshend in the Cabinet, Lord Carteret, was dismissed from the post of Southern Secretary and once again appointed to the lesser office of Lord Lieutenant of Ireland. In Ireland, Lord Carteret used his power to secretly aid in the controversy over Wood's Halfpence and support Drapier's Letters behind the scenes and cause harm to Walpole's power.[49][full citation needed][50][full citation needed] Walpole was able to recover from these events by removing the patent. However, Irish sentiment was situated against the English control.[51][page needed] Townshend, working with the king, helped keep Great Britain at peace, especially by negotiating a treaty with France and Prussia in 1725. Walpole was not consulted and stated that Townshend was "too precipitate" in his actions.[52] Great Britain, free from Jacobite threats, from war, and from financial crises, grew prosperous, and Robert Walpole acquired the favour of George I.[48] In 1725 he persuaded the king to revive the Knighthood of the Bath and was himself invested with the order,[53][52] and in 1726 was made a Knight of the Garter,[54] earning him the nickname "Sir Bluestring".[52] His eldest son was granted a barony.[55] Sometimes, colleagues of My Effective Strategies share special offers with us that we think our readers should be made aware of. Above is one such special opportunity that we believe deserves your attention.   [MES logotype footer]( 11780 US Highway 1 Palm Beach Gardens, FL 33408-3080 Would you like to [edit your e-mail notification preferences or unsubscribe]( from our mailing list? Copyright © 2023 Weiss Ratings. All rights reserved. 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