This happened in 1719; but Peter, though baffled, was not yet subdued.

The following year the interposition of England was repeated with greater effect, although not in time to save the Swedish coasts from serious injury; but the czar, recognizing the fixed purpose with which he had to deal, and knowing from personal observation and practical experience the efficiency of England's sea power, consented finally to peace.

The French claim much for their own diplomacy in this happy result, and say that England supported Sweden feebly; being willing that she should lose her provinces on the eastern shore of the Baltic because Russia, thus brought down to the sea-shore, could more easily open to English trade the vast resources of her interior.

This may very possibly be true, and certainty can be felt that British interests, especially as to commerce and sea power, were looked after; but the character of Peter the Great is the guarantee that the argument which weighed most heavily with him was the military efficiency of the British fleet and its ability to move up to his very doors.

By this Peace of Nystadt, August 30, 1721, Sweden abandoned Livonia, Esthonia, and other provinces on the east side of the Baltic.
This result was inevitable; it was yearly becoming less possible for small States to hold their own.
It can readily be understood that Spain was utterly discontented with the terms wrung from her by the Quadruple Alliance.