Lot Essay
Sir Robert Walpole was the third son of nineteen children born to Robert Walpole Esq., (d.1720) and his wife Mary, daughter and heir of Sir Geoffrey Burwell, of Roughen, Suffolk. Educated at Eton College and King's College Cambridge, he had intended to enter the church, however, his eldest brother died unexpectedly in 1698 and, as the second son had been killed at the Battle of Beachy Head in 1690, Robert became the heir to the estate. His marriage, in 1700, to Catherine, the granddaughter of Sir John Shorter, Lord Mayor of London and Prime Warden of the Goldsmiths' Company, brough a dowry of 20,000. His father died in the same year and Walpole succeeded to the Houghton estate.
He was returned to parliament in 1701 for Castle Rising and then for the borough of King's Lynn in 1701, a seat he held for the rest of his Commons career. He was recognised as leader of the Whig party by 1703, and was made Lord High Admiral in 1705. In 1710 he was appointed to the profitable position of Treasurer to the Navy, having been Secretary of State for War 1708-1710. After becoming leader of the opposition in 1711, he was imprisoned in the Tower of London in 1712. In 1715 he was appointed first Lord of the Treasury and Chancellor of the Exchequer, posts he held until 1742, excluding the years 1717-1721. It was his skill in this position which led King George I to comment 'Walpole could make gold from nothing and he never had his equal in business.' It was said that 'whilst he was speaking the most ignorant thought that they understood what they really did not.'
His son, also Robert, was created 1st Baron Walpole in 1723. However he regarded the House of Commons as the true seat of power and instead pressed the King to revive the Order of the Bath to which he was invested on 27 May 1726, only to be made a Knight of the Garter within a month. He was less popular with King George II, although he was reappointed to the Treasury and Exchequer. In 1742 he was created Earl of Orford, having retired to Houghton where he died in 1745. A consummate politican, he saved England from the worst effects of the South Sea Bubble, although he personally made a fortune from the scheme, which enabled him to rebuild Houghton and form his magnificent picture collection.
He was returned to parliament in 1701 for Castle Rising and then for the borough of King's Lynn in 1701, a seat he held for the rest of his Commons career. He was recognised as leader of the Whig party by 1703, and was made Lord High Admiral in 1705. In 1710 he was appointed to the profitable position of Treasurer to the Navy, having been Secretary of State for War 1708-1710. After becoming leader of the opposition in 1711, he was imprisoned in the Tower of London in 1712. In 1715 he was appointed first Lord of the Treasury and Chancellor of the Exchequer, posts he held until 1742, excluding the years 1717-1721. It was his skill in this position which led King George I to comment 'Walpole could make gold from nothing and he never had his equal in business.' It was said that 'whilst he was speaking the most ignorant thought that they understood what they really did not.'
His son, also Robert, was created 1st Baron Walpole in 1723. However he regarded the House of Commons as the true seat of power and instead pressed the King to revive the Order of the Bath to which he was invested on 27 May 1726, only to be made a Knight of the Garter within a month. He was less popular with King George II, although he was reappointed to the Treasury and Exchequer. In 1742 he was created Earl of Orford, having retired to Houghton where he died in 1745. A consummate politican, he saved England from the worst effects of the South Sea Bubble, although he personally made a fortune from the scheme, which enabled him to rebuild Houghton and form his magnificent picture collection.