Cabarrus, François, conde de

▪ Spanish minister

François also rendered  Francisco 

born 1752, Bayonne, France

died April 27, 1810, Sevilla, Spain

      financier and economist, adviser to the government of King Charles III of Spain.

      Cabarrus originally settled in Madrid as a soap manufacturer but soon became conspicuous within a circle of enlightened reformers who advised the king. His ideas were crucial in the creation of the first Spanish central bank in 1783. He also was involved in the formation of a company to trade with the Philippines, and the reform of currency and taxation. He was made conde de Cabarrus in 1789 by Charles IV but fell into disgrace the following year.

      Like the other reform-minded advisers, Cabarrus was suspect and prosecuted by the new government. Accused of embezzlement and imprisoned in 1790, he was released two years later, restored to favour. He was nominated as Spanish ambassador to Paris, but his appointment was rejected by the Directory on the grounds of his French birth. He took no part in the intrigues by which Charles IV was compelled to abdicate in favour of Joseph Bonaparte (Bonaparte, Joseph). His French origin, however, as well as his intimate knowledge of Spanish affairs, recommended him to Bonaparte, and under the new government he became minister of finance, a post he held until his death.

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