Collection
Francisco de Cabarrús y Lalanne
- c. 1788
- Oil on canvas
- 210 x 127 cm
- Cat. P_136
- Commissioned from the artist by the Banco Nacional de San Carlos in 1786
The portrait of Francisco de Cabarrús (Bayonne, France, 1752 - Seville, 1810) as honorary director of Banco de San Carlos—a position he held from the time it was founded in 1784—was the last Goya painted for that institution. It hung in the General Assembly Hall, and Cabarrús’s role as guiding light and founder of Banco de San Carlos may well have ensured it the place of honour there. The artist was paid 4,500 reales de vellón for this work on 21 April 1788. In 1790, the new king, Charles IV, awarded this clearheaded Frenchborn merchant, who had taken Spanish nationality in 1781, the title of Count of Cabarrús, culminating his social ascent. Soon after, he became the object of accusations and persecution from which he would never fully recover.
Following modest beginnings in Valencia—where he had been sent by his father, a merchant in Bayonne—he demonstrated considerable skill both at business and at building up relations among the most influential members of Spain’s Bourbon court. In 1799, this led the finance secretary Miguel Cayetano Soler to entrust him with the provisioning of the French and Spanish troops allied against England in favour of the independence of the United States. The creation of Banco de San Carlos in 1784—Cabarrús had written his Memoria para la formación de un Banco Nacional (Memorial for the Formation of a National Bank) in 1871—and the launching of the Compañía de Filipinas in 1785 brought him even closer to the spheres of power.
In this portrait, the great financier and merchant is shown standing. As in real life, he appears to be the master of his surroundings, which here include a disquietingly dark background after the fashion of Velázquez. Perhaps Goya sought to express the envy and enmity surrounding the brilliant financier. The artist masterfully emphasises Cabarrús’s impressive figure through his extraordinary clothing, a luminous green silk suit with golden highlights that hugs his voluminous body. This colour, which has always symbolised money and wealth, undoubtedly alludes to the future count’s ability to increase his personal fortune and expand the Crown’s economy through a modern approach based on progressive French ideas that earned him more than one powerful enemy. Goya also used this portrait of Cabarrús to renew the concept of images of the powerful, which until then had been limited almost exclusively to members of the aristocracy, especially in Spain. A new social class, the bourgeoisie, was emerging on all fronts with a drive, knowledge and decisiveness unmatched by members of the ancien régime. For them, Goya’s licence in this work must have been surprising in its novelty.
A technical study of this painting shows that Cabarrús’s right hand originally rested on the bank directors’ staff, their only old-fashioned symbol of power. Either Goya or his model decided to discard it, stripping the figure of decorations and symbols in a manner that directly recalls Velázquez’s composition for Pablo de Valladolid. In that depiction of a court buffoon and actor, the protagonist gestures offstage with his right hand in a manner typical of the seventeenthcentury theatre. Goya repeats the gesture here to underline his sitter’s mettle, and he places the figure’s left hand inside his frock coat, reflecting a period convention for portraits that associated this position with intellect. Cabarrús had already written numerous reports, memorials and lauds, as well as an abundant correspondence that clearly expressed his ideas. He did not come from illustrious forebears, and here he appears to emerge from obscurity, the darkness of history. Unaided, he stands strong and weighty, projecting a decisive shadow that Goya also uses to suggest he is advancing. His frock coat is in motion and one leg is already advanced, as if he were being driven forward into a new project by centrifugal force.
As always, Goya manages to suggest the bearing and size of the powerful anatomy that lies beneath Cabarrús’s apparel, and he also conveys the structure of his model’s head and even the weight of his bones. Those bones suffered a dishonourable fate after his death in Seville in 1810. He was first buried at the chapel of La Concepción in that city’s cathedral, in a mausoleum close to that of the Count of Floridablanca. After the war ended in 1814, however, the Central Junta’s decree of 1809, which declared him guilty of high treason for having accepted the post of finance minister under King Joseph I, came into effect, and his bones were exhumed and transferred to the communal grave in the Court of the Oranges, alongside the remains of those sentenced to death.
Cabarrús was a noted dignitary in the reigns of Charles III and Charles IV. He was a specialist who wrote on matters of economic policy as part of the second generation of the Enlightenment in Spain. He also designed financial projects, and as such created the bonds known as vales reales in 1780, during the war with Britain, and founded the Banco Nacional de San Carlos, the first bank authorised to issue bank-notes in Spain. In 1790 he fell out of political and social favour. He was later rehabilitated by prime minister Godoy after several years of serious problems which were never fully clarified, but which included trial and imprisonment.
He was born in Bayonne in 1752, to a family of traders and seafarers that hailed originally from Navarre. In 1771 he travelled to Valencia to learn about trade in Spain at the firm of Antonio Galavert. Shortly afterwards he secretly married Galavert's fourteen-year-old daughter Maria Antonia, a match opposed by both their families. They had a daughter named Teresa and two sons.
In 1772 he moved to Carabanchel de Arriba, a village near Madrid, where Pierre Galavert, a relative of his wife's, owned a soap factory. Records of bills of trade and permits for the export of silver coins show that in 1775 he was doing business with the firm of Viuda de Lalanne e Hijos. He went into partnership with Jean Aguirre, a trader in wool and treasurer of the Canal Imperial de Aragón. The transactions that they did together included the exporting of wool to France and Britain. He also worked with Le Couteulx, one of the biggest firms engaged in trade between Cadiz, Rouen and París.
His growing prosperity as a trader and banker brought him into contact with the followers of the Enlightenment and thus into the main circles of power. He joined the Economic Society of Madrid in 1776. At its informal meetings, held at the home of Pedro Rodríguez de Campomanes, he met Jovellanos, with whom he struck up a friendship that lasted until the time of the Peninsular War. Cabarrús was much more highly educated than was usual among the traders and bankers of the time. He strove to rise above the world of commerce and join ideological and political elite.
In 1779 Spain and France went to war with Britain over the American War of Independence. The government soon found itself in need of funds to pay for the war, as a British naval blockade had reduced remittances from the Indies and the amount of cash in circulation in Spain had fallen sharply. Cabarrús came up with the idea of vales reales: a hybrid between government bonds and paper money. He convinced the Count of Gausa, who was Treasury Minister at the time, to issue these bonds for three purposes: to bring in revenue for the treasury, to serve as a means of payment for the public (in large-scale operations at least) and to provide their owners with interest at an attractive rate of 4% per annum. There were three issues during the reign of Charles III: in 1780, 1781 and 1782. With his initiative and powers of conviction, Cabarrús managed to persuade some major players to involve themselves in the operation: mostly French trading houses operating in Madrid and Cadiz.
Uncertainty concerning the outcome of the war led to a drop in the traded value of vales reales towards the end of 1782. The Banco Nacional de San Carlos was founded in June that same year. It was the result of the personal efforts of Cabarrús to set up an official lender in the form of a joint-stock company. Its functions included the issuing of bank-notes, the prepayment of funds to the state (mainly concerned with the administration of provisions for the army), the provision of credit to cover the expenses of the monarchy abroad and the discounting and negotiating of bills with private individuals. A further objective was the funding of public works projects, but the main purpose was to pay for vales reales in silver. In 1784 the Banco de San de Carlos was granted a monopoly on silver mining, which brought substantial profits. In 1785 it obtained the contract to create the Compañía de Filipinas, in which it made a major investment. Both these projects went against the policy of economic liberalism that Cabarrús advocated. Between 1780 and 1790 Cabarrús became one of the most socially and economically influential individuals in Madrid outside the circles of Spain's grandees, but he also began to become unpopular. Various factors came together to undermine his success.
Following the death of Charles III in 1789, treasury minister Lerena, a personal enemy of Cabarrús, urged the bank's shareholders to convene an extraordinary general meeting to examine the latter’s record in managing its affairs. Cabarrús and the other directors of the bank were dismissed and shortly afterwards he was jailed for a cash smuggling offence allegedly committed back in the days of his youth.
With the accession of Charles IV to the throne and the upsets caused by the French Revolution, the political circumstances had changed. Opponents of the enlightenment-based policies in place saw this as an opportunity. Cabarrús lost support at court and his prosecution under civil jurisdiction went ahead. He spent five years in prison without ever coming to trial. In 1795 he was released and reinstated as a director by right of the Banco Nacional de San Carlos, when senior judges found procedural defects in the case against him and new treasury minister Diego de Gardoqui withdrew the charges. At the same time the war with the French National Convention came to an end and Prime Minister Godoy introduced a more pro-enlightenment domestic policy.
Godoy fell temoporarily out of favour, but when he recovered power (with the support of Spain's most reactionary party) he dismissed and jailed pro-enlightenment minsters, and Cabarrús was sent into internal exile in Burgos. From 1801 to 1807 he lived in Barcelona, where he undertook a number of industrial projects. On the outbreak of the popular uprising against the French in 1808 he met with Jovellanos in Zaragoza. Cabarrús declared his support for the 'legitimist' cause, but a few days later he was attacked by a group of insurrectionists because of his French birth and his known anti-traditionalist sympathies. This seems to have led him to change his position and join the cause of Joseph Bonaparte, who appointed him treasury minister in July that year. He still held that post when he died in Seville in 1810.
Extract from: P. Tedde de Lorca: Diccionario biográfico español, Madrid: Real Academia de la Historia, 2009-2013.
Other works by Francisco de Goya y Lucientes