Page "Robert Walpole" Paragraph 25

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 confiscated and 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.

The crisis had significantly damaged the credibility of the King and of the Whig Party, but Walpole defended both with skilful oratory in the House of Commons.