Note 18 — XXXV
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Owing to the exhaustion of France following the War of the Spanish Succession, Louis XIV, determined to develop the resources of the vast Louisiana territory, granted (September 14, 1712) to Antoine Crozat, a wealthy merchant, the exclusive right of trade in Louisiana for a term of fifteen years. Among other privileges, Crozat was permitted to send one ship a year to Africa for a cargo of negroes; to possess and operate all mines of precious metals in the territory, on the condition that a fourth of the metal be turned over to the king; and to possess in perpetuity all buildings and manufactories erected by him in the colony. On the other hand, Crozat was obliged to import two shiploads of colonists each year, and after nine years to assume all the expenses of the government. In the meantime the king was to furnish fifty thousand livres annually. Crozat did all in his power to develop the resources of the country; but owing to discord among the subordinate officials, in despair he surrendered the charter to the prince regent (August 13, 1717). See Charles Gayarré, History of Louisiana (New Orleans, 1903). After Crozat's surrender, Louisiana territory was turned over to the Mississippi (or Western) Company, directed by John Law; see post, p. 49, note 28. Philip François Renault was made the principal agent for a French company, whose purpose was the development of the mines of the territory. In 1719 he sailed from France with more than two hundred mechanics, stopped at the West Indies, and secured a cargo of five hundred negro slaves, and in due course arrived at Fort Chartres in the Illinois (1721). Large grants of land for mining purposes were made to Renault—an extensive tract west of the Mississippi River; another, fifteen leagues square, near the site of Peoria; and still another above Fort Chartres, one league along the river and two leagues deep. He founded St. Philippe, near the fort, and built what was probably the first smelting furnace in the Mississippi Valley. In 1743 he returned to France, where he died.—Ed.