He was the second of ten children born to William and Dorothy (Blish) Talcott. He married February 5, 1834 to Elizabeth Ann Norton, and they were the parents of four sons and five daughters. At the age of three years he accompanied his parents to Rome, New York where he remained until 1826. He worked a few years in a store in Boonesville and then engaged in the mercantile business at Utica until 1830, when he removed to Horseheads, Chemung County. In October 1838 he arrived in Rockton with his wife and child, and immediately became active in the new community. He erected a dwelling house on the SE corner of Race and Cottage streets, and this would be his residence for the duration of his stay in Rockton until 1857 when they removed to Rockford. He was one of the original incorporators of Beloit College and of the Rockford Female Seminary, and he remained a member of the Board of Trustees of the college from the date of organization. Upon arriving in Rockton he joined the Congregational church, organized only a few months previously. As early as January 2, 1844, he introduced a series of strong anti-slavery resolutions to the church. He soon aligned himself with the anti-slavery Liberty Party and in 1846 ran for Congress as a representative for the 6th district. He succeeded his brother Thomas Talcott as State Senator representing Winnebago, Carroll, Boone and Ogle Counties from 1854 to 1858. While serving he became friends with Abraham Lincoln who was a candidate for U.S. Senator in 1855. On March 4, 1854 he and his brother Sylvester Talcott formed a partnership with the inventor John H. Manny, creating a new company under the name of J.H. Manny & Co., and they commenced the manufacture of the John H. Manny Combined Reaper and Mower. This company is widely acknowledged to be the major force in the making of Rockford into a major manufacturing center. In the fall of 1854 Ralph Emerson and Jesse Blinn became partners, and the name of the company was changed to Manny & Co. The company's image was further enhanced when it won a lawsuit against Cyrus McCormick, who had sued the Manny Company for patent infringement. Among the council defending the Manny Company were Abraham Lincoln, Edwin M. Stanton and Peter H. Watson. After the passage of the Internal Revenue Act, President Lincoln appointed Talcott Collector of Internal Revenue for the Illinois Second Congressional District, a position he held from 1862 to 1867. He was selected by the citizens of Illinois as one of the mourners to officially represent the state at Lincoln's funeral. Late in life he was president of the Winnebago County Early Settlers Society. He was active and in good health until October 2, two months prior to his death, when he had a serious fall at Center Bridge.