CABARRUS, FRANCOIS, COMTE DE ( 1752-1810), banker. Born at Bayonne into a rich shipping and trading family established in this city, at Bordeaux, and in Spain, Cabarrus was sent to learn the business with a French correspondent at Saragossa. Appointed director of a soap factory near Madrid in 1773, he became friendly with G.-M. Jovellanos and was patronized by P.-R. Camponanes and P.-A.-J. Olavide. On his advice during the American Revolution, the Spanish treasury solved its cash-flow problems by a scheme of interest-yielding bearer bonds functioning as short-term money. In 1782, he was instrumental in the creation of the Saint-Charles Bank, of which he became the director. This bank operated as a paying institution for the royal treasury at a discount of 4 percent and a commission of 1/6 of 1 percent. Its profits attracted considerable speculation in its shares, especially among Parisian financiers who employed H.-G. R. Mirabeau in an unsuccessful pamphlet war to depreciate their market value. From the bank's profits, he established the Philippines Company with a monopoly of Spanish Pacific trade in 1785 and shortly afterward became a member of the Council of Finance. He fell out of favor and was imprisoned from mid-1790 to late 1792. Indemnified on his release by a pension and the title of count, he became a focal point for French émigrés in Spain. In 1796, he was appointed ambassador to the negotiations preparing peace with France and, the next year, plenipotentiary to the Rastadt Congress ( November 1797-May 1798). Nominated Spanish ambassador to France, he was rejected by the Directory, ostensibly on the grounds of his French nationality but more probably for his connections with the royalist Clichyens. He was therefore given the embassy at the Hague. In 1808, he initially supported Ferdinand VII as king of Spain, but in July he became J. Bonaparte's minister of finance. His historical importance is as one of the Spanish afrancescados. As far as the French Revolution is concerned, his main claim to fame is as the father of T. Cabarrus.