On the 26th August, 1676 the renowned British statesman Sir Robert Walpole was born. In 1721 he became the first Prime Minister of Great Britain. He was the longest serving Premier in our history. He established the Whig ascendancy in this country, reducing Tory dominance and influence for decades. He left an important legacy, and altered the course of British politics. He ultimately defined the role of Prime Minister, and was a model for those who succeeded him in office.
His impressive reign was known colloquially as the “Robinocracy”. Walpole himself epitomised the era of excess, materialism and global ambition. His imposing appearance and personality symbolised the culture of this period. He was both literally and metaphorically larger than life. He had a gargantuan appetite for food, drink, sex, work, money and power.
His prominence in public life began auspiciously. He quickly grasped the dark arts of politics and was an expert with all of the tricks and tools of manipulation. Politics was, and still is a game, and he could play other people to acquire the things that he wanted. He could be charming, but devious as well. Walpole’s rise to power could have only been achieved after the seismic events of the “Glorious Revolution”. This changed the fundamental character, and conduct of the nation.
The Revolution helped to create modern public finance, and new concepts and innovations like the stock market, speculation, boom and conversely, bust. The most notorious example of this new phenomena was the controversy which became known as the “South Sea Bubble”. The South Sea Company was a joint stock company trading in overseas colonies. It was granted a monopoly to provide African slaves to Spanish America. These were considered assets, but to encourage investment profits were exaggerated.
Spain and Britain were bitter rivals, and profits accrued in this trade were actually minimal. However the enmity between two major European trading powers did not curb the personal ambitions of the investors, who were convinced that this could be an easy path to riches. When the inevitable crash happened, eminent figures lost entire fortunes. This included the King, who was appointed governor of the company. At the peak of the crisis, one Parliamentarian died of a heart attack, another took his own life and one poor unfortunate was sent to the Tower.
Walpole successfully navigated the country out of the crisis, he removed the company directors, seized 82% of their wealth and the money was returned to their victims. The stock of the South Sea Company was then divided between the Bank of England and the East India Company. His adept handling of this left a great impression upon the King, who was relieved that a major crisis had been averted. A lesser person could have led the country to ruin.
Walpole in turn flattered the Court, as he knew that friends in high places could be used for his own gain. In the summer of 1727, King George I died, and his son George II ascended to the throne. Walpole was politically adroit and cultivated a set of distinct strategies in order to win trust, and to avoid critical challenges from his enemies.
He enacted a spectacular coup within the Commons. He inveigled the MPs to agree to vote in favour of a bigger Civil List, which gave the new KIng more of a personal income than his father. In a cynical move, he also ingratiated himself with Queen Caroline in a bid to influence her husband and to look upon him, and his policies more favourably.
He commented on this tactic in a typically boorish fashion. He had developed a manner of blunt speaking which reflected the crudity of his character. He said to his supporters, “I have the right sow by the ear”. The Queen agreed to meet with Walpole in secret to discuss government policy. When the King arrived for his official meeting with the Prime Minister, his familiar reticence was sufficiently mellowed. He became much more congenial, and eager to accept government proposals.
Walpole believed that had a special kind of insight into feminine wiles and boasted that the Queen “can make him propose the very thing as his own opinion which a week before he had rejected as mine”. His powers of cunning and subterfuge were enviable, and the key to his prowess as a politician.
However many of his fellow Whigs regarded him as a traitor and a man who wilfully sacrificed the democratic and anti-monarchical principles of his party solely to maintain power, and the favour of the King and his court. They believed that he had effectively sold out and become a Tory. Walpole was in fact exploiting the emotional weaknesses of the King, and attempting to appeal to his good nature. He used false flattery as a bribe, and the King in turn was extorted to bestow honours on to Walpole’s ministers. It was obvious that the Whigs owed an immense debt to the King’s generosity, as it consolidated Whig supremacy in Parliament.
Domestically, Walpole’s position was assured but the French were threatening to wage war again. The Whigs were originally established to counter French dominance and aggression, but Walpole and the King sought peace. The odds were stacked against him. There was a perception that Walpole had put personal ambition before political conviction, and sacrificed the nation, its status and reputation just to maintain his dubious alliance with the King and his court.
In 1742 the party took a vote of confidence, 253 voted in his favour, 250 against. However this was not a ringing endorsement, and three weeks later he resigned. Three years later, adrift in a political wilderness, he died. His impact upon British politics, culture and the way this country continues to conduct its economic affairs is incalculable. However the methods he utilised to secure his place in our history can also be read as a salutary tale of power, greed and corruption. In the realm of politics this is a tale which is all too familiar, and predictable.
Ponderings 
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