A company incorporated with such ample rights and privileges, did not fail to draw upon it the attention of the speculative, or to enlist the aid of the enterprising capitalists of the French metropolis. The country of the Illinois was reputed rich beyond comparison: the financial estimates submitted to the view of the public, offered prospects of unusual gain, and capitalists flocked with avidity from all quarters to enrol themselves as members of the company, and partake of the promised wealth. If anything had been wanting to accelerate the pace of adventurers, or to fan the ardor of hope, it was the genius, the financial abilities, and the commanding influence of M. Law, who was placed at the head of the company, and was the moving power in every transaction. Hence, it is no subject for surprise that the most extravagant anticipations were entertained by the members of the Company of the West, or that the unusual splendor of the Mississippi scheme was only equalled by the signal disappointment in which it eventuated.

In the year after the Company of the West had been instituted by the royal patent of the king, they formed an establishment in the country of the Illinois, at fort Chartres; and in order to promote the objects of their institution, and to encourage the settlement of the country, held out the most liberal inducements to French emigrants, and made them donations of all lands which they should cultivate or improve. Miners and mechanics were also encouraged to emigrate; and the city of New Orleans, which had been founded during the last year of the authority of Crozat (1717), received a considerable accession to its population in the fall of the same year, and settlements began to extend along the banks of the Mississippi, and in the country of the Illinois.

Among the number of adventurers to Illinois, was Philip Francis Renault, (the son of Philip Renault, a noted iron-founder at Consobre, near to Mauberge, in France,) who came over as the agent of the Company of St. Phillips, an association of individuals which had been formed under the patronage of the western company, for prosecuting the mining business in the upper country of Louisiana and Illinois. It appears also that he was a member of the Company of the West, and he is spoken of as "Director-General of the mines of the Royal Company in Illinois;" a name by which not only the present State of Illinois, but a vast district of the adjoining country, appears then to have been known.

Renault left France in the year 1719, with two hundred artificers and miners, provided with tools, and whatever else was necessary for carrying the objects of the company into effect. In his passage he touched at the island of St. Domingo, and purchased five hundred slaves for working the mines; and, entering the Mississippi, pursued his voyage up that river to New Orleans, which he reached some time in the year 1720, and soon afterwards proceeded on his way to Kaskaskia, in Illinois. Kaskaskia was then inhabited solely by the French, and was one of the earliest posts occupied by them when they began to extend themselves from Canada, along the great western lakes, and down the Ohio and Mississippi. Renault established himself in the vicinity of this town, near fort Chartres, at a spot which he named St. Phillips, (now called the Little Village,) and from this sent out his mining and exploring parties into various sections of Illinois and Louisiana. These parties were either headed by himself, or by M. La Motte; an agent versed in the knowledge of minerals, whom he had brought over with him. In one of the earliest of these excursions La Motte discovered the lead-mines on the St. Francis, which bear his name; and, at a subsequent period, Renault made the discovery of those extensive mines north of Potosi, which continue to be called after him. Other mines of lead were also found, but their distinctive appellations have not survived; and a proof of the diligence with which Renault prosecuted the object, is furnished by the number and extent of the old diggings which are yet found in various parts of the country. These diggings are scattered over the whole mine country; and hardly a season passes, in which some antique works, overgrown with brush and trees, are not found.

Renault, being probably disappointed in the high expectations he had formed of finding gold and silver, turned his whole force towards the smelting of lead; and there is reason to conclude that very great quantities were made. It was conveyed from the interior on pack-horses (the only mode of transportation which was practicable at that early period). The lead made by Renault was sent to New Orleans, and thence chiefly shipped for France. That he also discovered copper, is probable, as a grant of land made to him at Old Peoria, on the Illinois river, embraces a copper-mine.

Renault's operations were, however, retarded and checked, from a quarter where it was least expected. By an edict of the king, made at Paris, in May, 1719, the Company of the West was united to the East India and Chinese Company, under the title of the Company Royal of the Indies (La Compagnie Royale des Indies). And in 1731, the whole territory was retroceded to the crown of France, the objects of the company having totally failed; and Renault was left in America, without the means of prosecuting the shining business. His exertions in behalf of the company were not, however, overlooked by the government, and four several grants of land were made to him in consideration of his services. These grants bear date June 14th, A. D. 1723, and cover the Mine La Motte, and some other very valuable tracts, which, after having laid dormant for a period of about sixty years, have recently been claimed by the representatives of his heirs-at-law.

Renault, however, remained in Illinois several years after the explosion of the Mississippi scheme, and did not return to his native country until 1742. With him the greater part of his workmen returned; the slaves were sold, and the mining business fell into neglect. Here is a period to the first attempt at mining in Louisiana. The country was ceded to Spain in 1762, and taken possession of in 1769.

After Renault's departure, little or nothing appears to have been done in the way of mining; and, even after the Spanish had taken possession of the country, the lead-mines were but little attended to. The force which Renault had with him was sufficient to protect him from the attacks of the savages; but, after his departure, the settlements on the Mississippi, feeble in themselves, could not furnish protection to such as might be disposed to work at the mines. The Spanish, however, in a few years after taking possession of the country, did something; and in process of time new discoveries were made, and the mining business began to assume a more respectable character. The principal discovery made under the Spanish authority was that of Mine à Burton, which takes its name from a person of the name of Burton, or Le Breton,[12] who, being out on a hunt in that quarter, found the ore lying on the surface of the ground. This man, who is still living in the vicinity of St. Genevieve, at the advanced age of one hundred and nine years, had been employed while a youth under Renault. The period of this discovery it would be very difficult now to ascertain, Burton himself being unable to fix it. It has probably been known about forty years.

The processes of mining pursued under the Spanish government appear to have been very rude and imperfect, not more than fifty per cent. of lead being got from the ore. The common open log furnace was the only one employed, and the lead-ashes were thrown by as useless.

In 1797, Moses Austin, Esq., performed a journey from the lead-mines in Wythe county, Virginia, to the Mine à Burton, in Louisiana, and obtained a grant of land one league square, from the Spanish authorities, in consideration of erecting a reverberatory furnace, and other works, for prosecuting the mining business at those mines. This he commenced in 1798, previous to which time no furnace for smelting the ashes of lead had been erected. Mr. Austin sunk the first regular shaft for raising the ore, and introduced some other improvements which were found beneficial. He also, in 1799, erected a shot-tower, in which patent shot of an approved quality were made. A manufactory of sheet-lead was completed during the same year, and the Spanish arsenals at New Orleans and Havana drew a considerable part of the supplies for their navy from this source.