Financier and economic adviser who made a vigorous contribution to the revitalization of Spain under King Charles III.
Cabarrus originally settled in Madrid as a soap manufacturer but soon became conspicuous within a circle of enlightened reformers who advised the King. He took part in the organization of a bank, the formation of a company to trade with the Philippines, and the reform of currency and taxation.
His efforts were halted when in 1788 the reactionary Charles IV succeeded the reformer Charles III.
Like the other reform-minded advisers, Cabarrus was a suspect and prosecuted by the new government. Accused of embezzlement and imprisoned in 1790, he was released two years later, restored to favour, and made a count.
He was nominated as a 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. His French origin, however, as well as his intimate knowledge of Spanish affairs, recommended him to Joseph Bonaparte, and under the new government he became minister of finance, a post he held until his death.
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