This month marks exactly 300 years since the Whig statesman Robert Walpole officially became our first prime minister. Not only was the country squire and landowner the first politician to occupy 10 Downing Street, he has also served the longest time at the top: an unbroken 20-year reign dubbed the “Robinocracy”.
Most historians rate Walpole as one of our more successful prime ministers: he stabilised the nation’s finances, saw off Jacobite sedition, and kept the country out of foreign wars, proudly boasting: “There are 50,000 slain in Europe this year and not one Englishman.” But inevitably, there was a downside to Walpole: he was charged by his enemies with corruption.
In fact, considering the spectacular eighteenth-century standards of sleaze, Walpole was — to borrow a phrase coined by Tony Blair — “a pretty straight kind of guy”. True, he spent six months in the Tower of London accused by his political foes of all sorts of malpractice; but he was eventually cleared. True, too, that he built a magnificent mansion, Houghton Hall, in his native Norfolk — but he had legitimately made a fortune in the South Sea Bubble financial crash that ruined so many others (by buying shares when they were low and selling them when they were high). Nevertheless, Walpole was not above sailing close to the wind of propriety, cynically remarking: “Every man has his price.”
Nigel Jones, “Scandal, corruption and collusion: 300 years of British prime ministers”, The Critic, 2021-04-03.
July 5, 2021
QotD: Robert Walpole, the first Prime Minister
November 30, 2018
England: South Sea Bubble – Lies – Extra History
Extra Credits
Published on 9 May 2015Support us on Patreon! http://bit.ly/EHPatreon
____________No historian is perfect, so it’s important we acknowledge our mistakes where we find them (with the help of our viewers, no less)! After we clear up some discrepancies that emerged during the South Sea Bubble series, we turn to answering some common questions that came up during this series on economic history. In a period where financial masterminds like John Blunt engaged in trickery meant to confuse other people and hide his real activities, it’s no wonder that many viewers had questions about what insider trading is and how Blunt could endlessly inflate stock prices for his unprofitable company. This is a history show, but we do our best to explain! As a bonus, James also reads Robert Knight’s letter to Parliament on the eve of his illegal flight and tells some cool stories about Robert “It was Me” Walpole.
November 29, 2018
England: South Sea Bubble – It Was Walpole – Extra History – #5
Extra Credits
Published on 25 Apr 2015Support us on Patreon! http://bit.ly/EHPatreon
____________Robert Walpole’s attempts to use the South Sea Company scandal to enhance his own ambitions are threatened by the appearance of Robert Knight, a former South Sea employee whose records of corporate bribery implicate Walpole and his friends in Parliament. But faced with threats of retribution if he ever shares these records, Knight flees the country rather than face a public inquiry. Although he gets caught and sent to prison in Antwerp, Walpole deftly engineers his release and escape. With Knight finally gone, Walpole teams up with John Blunt to pin the blame for the South Sea stock bubble on his political opponents, conveniently clearing the way for himself to become essentially the first Prime Minister of England. He also makes sure that all of his own supporters get off easy (if not scot free) for their involvement, and even Blunt walks away from the South Sea Bubble with more money than he started with.
November 28, 2018
England: South Sea Bubble – The Bubble Pops – Extra History – #4
Extra Credits
Published on 11 Apr 2015Support us on Patreon! http://bit.ly/EHPatreon
____________With the South Sea Company’s value dangerously inflated, Blunt drives one more scheme to raise stock prices – and it finally backfires on him. Early investors (including the famous politician Robert Walpole) seize the opportunity to sell their stock while the value is high, and the general public finally realizes that the South Sea Company has no actual worth. Everyone who didn’t sell their stock in the first round finds themselves suddenly bankrupt as the stock value plummets. Even King George, on vacation when disaster strikes, loses a large amount of the royal fortune. Robert Walpole, however, sees this as an opportunity to make himself a hero of the public. Hiding his own involvement in the South Sea Swindle, he cancels all debts owed for the company’s stock to help put its public investors back on their feet. Despite this, the public demands an inquiry and Walpole must walk a thin line between his facade as defender of the people and the reality of his, his party, and the King’s blatant corruption.
