Born to Irish immigrants, Talbot was minimally educated, working in textile mills from an early age. He entered into a partnership with his brother, founding the Talbot Mills of Billerica in 1857. He became politically active, partly due to issues with the mills, and served two terms as Lieutenant Governor, acting as Governor for part of the second term after Governor William B. Washburn won election to the United States Senate. Talbot was a strong temperance advocate, and his veto of a popular alcohol licensing bill contributed to his loss in the 1874 gubernatorial race. He was more successful in 1878 against divided opposition, serving a single lackluster term.