François Cabarrus

Francisco Cabarrús, 1st Count of Cabarrús
Born	1752 Bayonne, France
Died	1810
Occupation(s)	Entrepreneur, financier, politician, diplomat
Known for	Founder of Banco de San Carlos; Minister of Finance under Joseph Bonaparte

Francisco Cabarrús, 1st Count of Cabarrús (1752–1810) was a Spanish-French entrepreneur and financier.

Early life and education

Born in Bayonne, France, to Dominique Cabarrus Fourcade, a merchant and shipbuilder involved in Basque maritime enterprises, Cabarrús pursued his studies initially in Toulouse before relocating to Spain to collaborate with a business partner named Galabert. He wed Maria Antonia Galabert Casanova and established his residence in Carabanchel Alto, near Madrid, where he engaged actively in public affairs.

During Madrid's Age of Enlightenment under King Charles III, Cabarrús became a prominent reform-minded politician, particularly influential in financial matters.

Reforms

Cabarrús was the founder of the Banco de San Carlos, which later evolved into the modern Bank of Spain. He also created the Real Compañía de Filipinas to promote commerce with South America and Asia through the Philippines. Moreover, he initiated the Canal de Cabarrus, which laid the groundwork for today's Canal de Isabel II, the primary water supplier for Madrid and its vicinity.

His vision extended to major infrastructure endeavors, including the partially completed Canal del Guadarrama—designed to link Madrid to maritime routes—and projects aimed at expanding the Llobregat River in Catalonia to stimulate industrial growth. These initiatives incorporated expertise from the Lemaur brothers and drew inspiration from French canal achievements such as the Canal du Midi.

Through family connections, Cabarrús was related to prominent figures like Pierre Paul Riquet, creator of the Canal du Languedoc, and by marriage linked to Ferdinand de Lesseps, known for developing the Suez Canal.

As a key member of the finance council, he championed substantial reforms. However, following Charles III’s death in 1788 and the ensuing conservative shift under Charles IV, reform advocates faced distrust; Cabarrús was accused of misappropriation and detained at Batres Castle near Madrid.

Under French domination

After spending two years imprisoned, Cabarrús was freed, granted nobility as a count, and took on diplomatic assignments. He was considered for appointment as Spanish ambassador to Paris, but opposition from the French Directory arose due to his French origins.

Although not involved in the political upheaval that led Charles IV to abdicate in favor of Joseph Bonaparte (King Jose I of Spain), Cabarrús’s French background combined with his intimate knowledge of Spanish governance made him Napoleon’s selection for minister of finance, a role he fulfilled until his passing. He died in Seville while accompanying Joseph Bonaparte and was laid to rest in the Seville Cathedral.

Legacy

Recognized as an afrancesado for his support of Joseph Bonaparte, Cabarrús’s family endured persecution after Ferdinand VII's return, including seizure of their properties. Reports suggest his tomb was desecrated during this period. Over ensuing political shifts, his descendants repeatedly experienced confiscation and restoration of their inheritance.

His son, Domingo Cabarrús Galabert, who became the second Conde de Cabarrus, held various official posts such as governor of Palencia and Valladolid. His daughter Teresa Cabarrus Galabert—better known as Thérèse Tallien or Madame Tallien—played a significant role during the late stages of the French Revolution, earning distinguished nicknames from her contemporaries.

One grandson, Domingo Cabarrus Quilty, married Enriqueta Kirkpatrick y Grivegnée—sister to Manuela Kirkpatrick y Grivegnée, mother of Empress Eugenia de Montijo (consort of Napoleon III) and the Duquesa de Alba. Since Domingo predeceased his father, the title passed to his daughter Paulina Cabarrus Kirkpatrick as the third Countess of Cabarrus.

Francisco Cabarrus Lalanne also secured the Viscountcy of Rabouilhet (originally granted by Pedro Pablo Abarca de Bolea, Count of Aranda) for his son Francisco Cabarrus Galabert. Following this son's premature death, both titles merged; currently, holders of the Countship of Cabarrus also possess the Viscountcy of Rabouilhet, associated with estates in France’s Languedoc region.

His close companion, Francisco Goya, created a full-length portrait of him that is presently exhibited at the Bank of Spain in Madrid.