Editing Robert Walpole (section)

===First term===
{{Further|Walpole–Townshend ministry}}
Under the guidance of Walpole, [[Parliament of Great Britain|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]].{{sfnp|Leadam|1899|p=187}} 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.<ref>{{Cite web|url=https://www.bbc.co.uk/history/historic_figures/walpole_robert.shtml|title=BBC – History – Historic Figures: Sir Robert Walpole (1676–1745)|access-date=10 September 2018}}</ref>

Walpole's first year as prime minister was also marked by the discovery of a [[Atterbury Plot|plot]] formed by [[Francis Atterbury]], the [[bishop of Rochester]].{{sfnp|Leadam|1899|p=188}} The exposure of the scheme crushed the hopes of the [[Jacobitism|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.<ref>{{Cite encyclopedia|url=https://www.britannica.com/biography/Henry-Saint-John-1st-Viscount-Bolingbroke|title=Henry Saint John, 1st Viscount Bolingbroke {{!}} British politician|encyclopedia=Encyclopedia Britannica|access-date=10 September 2018}}</ref>
[[File:William Hogarth (1697-1764) - Speaker Arthur Onslow Calling upon Sir Robert Walpole to Speak in the House of Commons - 1441463 - National Trust.jpg|thumb|Speaker [[Arthur Onslow]] calling upon Sir Robert Walpole to Speak in the [[House of Commons of the United Kingdom|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.<ref name="BBC - History - George I">{{Cite web|url=https://www.bbc.co.uk/history/historic_figures/george_i_king.shtml|title=BBC – History – George I|access-date=10 September 2018}}</ref> 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 [[William Wood (Mintmaster)|Wood's Halfpence]] and support ''[[Drapier's Letters]]'' behind the scenes and cause harm to Walpole's power.<ref>{{cite book |first=Oliver W. |last=Ferguson |title=Jonathan Swift and Ireland}}</ref>{{full citation needed|date=March 2014}}<ref>{{cite book |first=Irvin |last=Ehrenpreis |title=Jonathan Swift |volume=III}}</ref>{{full citation needed|date=March 2014}} Walpole was able to recover from these events by removing the patent. However, Irish sentiment was situated against the English control.<ref>{{cite book |first=William |last=Coxe |year=1978 |title=Memoirs of the Life and Administration of Sir Robert Walpole, Earl of Orford }}</ref>{{page needed|date=March 2014}}

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.{{sfnp|Leadam|1899|p=190}} Great Britain, free from Jacobite threats, from war, and from financial crises, grew prosperous, and Robert Walpole acquired the favour of George I.<ref name="BBC - History - George I"/> In 1725 he persuaded the king to revive the [[Order of the Bath|Knighthood of the Bath]] and was himself invested with the order,<ref>{{Cite web |url=https://www.thegazette.co.uk/awards-and-accreditation/content/103542 |title=This month in history: Sir Robert Walpole becomes Britain's first prime minister |website=The Gazette }}</ref>{{sfnp|Leadam|1899|p=190}} and in 1726 was made a [[Order of the Garter|Knight of the Garter]],<ref>{{Cite web |url=https://www.thegazette.co.uk/awards-and-accreditation/content/100022|title=Hall of fame: Robert Walpole, Britain's first PM |website=thegazette.co.uk |access-date=10 September 2018}}</ref> earning him the nickname "Sir Bluestring".{{sfnp|Leadam|1899|p=190}} His eldest son was granted a barony.<ref>{{cite web |title=Robert Walpole, 2nd Earl of Orford – Person – National Portrait Gallery |website=npg.org.uk |url=https://www.npg.org.uk/collections/search/person/mp125183/robert-walpole-2nd-earl-of-orford |access-date=10 September 2018}}</ref>