When Augustus Townshend was born on 5 October 1716, in East Raynham, Norfolk, England, his father, Charles Townshend Viscount Townshend, was 42 and his mother, Dorothy Walpole, was 30. He died in 1746, at the age of 30.
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The South Sea Bubble Bill was passed by the House of Lords in 1720. This allowed the South Sea company to monopolize trade with South America. The company underwrote the English National Debt which promised 5% interest from the government. As shares rose exponentially, many companies were created and many fortunes were made. The stocks crashed and many people lost their money which caused them to become destitute overnight and suicide was common. Robert Walpole took charge of the South Sea Bubble Financial Crisis by dividing the national debt between the Bank of England, the Treasury, and the Sinking Fund.
English (mainly Norfolk): variant of Townsend .
Dictionary of American Family Names © Patrick Hanks 2003, 2006.
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