Charles Spencer
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born 1674
died April 9, 1722, London, England
British statesman, one of the Whig ministers who directed the government of King George I from 1714 to 1721. His scheme of having the South Sea Company take over the national debt led to a speculation mania known as the South Sea Bubble, which ended in financial disaster (1720).
The son of the 2nd Earl of Sunderland and the son-in-law of the Duke of Marlborough, he succeeded to the earldom in 1702. He joined the Junto, a group of leading Whigs, and served under Queen Anne as secretary of state from 1706 to 1710, when he and his Whig colleagues were expelled from office.
After George I's accession in 1714, Sunderland was made lord lieutenant of Ireland and then (1715) lord privy seal in a ministry that included James Stanhope, Robert Walpole, and Viscount Charles Townshend. In 1717 Sunderland and Stanhope ousted Townshend and Walpole in a dispute over Stanhope's foreign policy. Sunderland then took control of domestic affairs, becoming lord president of the Privy Council and first lord of the Treasury (1718). In 1719 Sunderland's Peerage Bill, designed to assure a permanent Whig majority in the House of Lords, was soundly defeated, and after the South Sea scandal (in which he had been bribed) he yielded his office to Walpole in 1721.
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Sources
- Encylopedia Britannica 2002, Expanded Edition DVD
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