Talbot, a Republican, served in the Massachusetts legislature beginning in 1851, and sat in the governor's council from 1864 to 1869. In 1872, he was elected lieutenant governor, serving two terms under William B. Washburn. On the selection of Washburn to the United States Senate by the state legislature in early 1874, he became acting governor. One item of unfinished business Washburn left to Talbot was a bill mandating a ten-hour workday. This matter had been the subject of labor agitation in the state, and Washburn had been opposed to the bill. Talbot, despite his mill ownership, was an advocate, and signed the bill into law. He also refused to authorize construction of a prison in Concord, and signed legislation allowing women to vote for members of local school committees.