Flour and silver play an important role in the area's past. A huge flour mill was once located on the bluff overlooking Palisades State Park. The mill was powered by a large water-wheel installed along the rushing Split Rock Creek. Silver was later discovered downstream in 1886 and more than 300 claims were staked. The silver ore proved to be low in quality, however, and the claims were quickly dropped. A popular legend tells of Jesse James' daring escape near Palisades State Park. After robbing a bank in Northfield, Minnesota, the James boys spent several days in a cave on Split Rock Creek. But when Jesse finally abandoned the hiding place, he was surprised to find a posse close behind. Reaching Devil's Gulch, he leaped across the sheer walls to elude the lawmen. A foot-bridge now spans the gap, two miles north of the park.