Early in 1720 a partial reconciliation took place between the parties of Stanhope and Townshend, and in June of this year the latter became Lord President of the Council, a post which he held until February 1721, when, after the death of Stanhope and the forced retirement of Sunderland, a result of the South Sea Bubble, he was again appointed secretary of state for the northern department, with Walpole as First Lord of the Treasury and Chancellor of the Exchequer. The two remained in power during the remainder of the reign of George I the chief domestic events of the time being the impeachment of Bishop Atterbury, the pardon and partial restoration of Lord Bolingbroke, and the troubles in Ireland caused by the patent permitting Wood to coin halfpence.