Collection
Juan Francisco Camacho
- 1896
- Oil on canvas
- 127 x 90 cm
- Cat. P_151
- Comissioned from the artist in 1897
1881 saw the start of a series of paintings of Banco de España governors. Over the years these portraits have been of two main types, with each coming in and out of favour periodically. At first, standing figures outnumbered sitting figures. This portrait belongs to the latter category. The artist follows the tradition that can be seen at the bank in paintings such as Goya's The Count of Altamira and Gutiérrez de la Vega's Ramón de Santillán, with the sitter posing beside a table piled high with books, emphasising his administrative role.
Governor of the Banco de España 1883 - 1884
Governor of the Banco de España 1891 - 1892
Juan Francisco Camacho was born in Cadiz. His father Juan Bautista Camacho was a shop assistant, and it was from him that Juan Francisco became interested in business. He combined business with politics: from 1858 to 1868 he was general manager of Sociedad Española Mercantil e Industrial, a business set up by the Rothschilds to handle their investments in Spain and especially to fund the building and operation of Compañía de Madrid a Zaragoza y Alicante (MZA), their Spanish railway company. This company was incorporated in December 1856 with Alejandro Mon as its chair. He was also the first chairman of Compañía Arrendataria de Tabacos and its first managing director, a post to which he was appointed in 1887.
He was originally a member of the Liberal Party, but switched to the Liberal Union Party in 1855 and then to the Constitutional Party. A lack of understanding with fellow party members led him to switch again in 1886 and join the Conservative Party, headed by Antonio Cánovas del Castillo. He was a member of parliament from 1853 to 1872, and served as Treasury Minister on four different occasions. The first was in 1871, during the reign of King Amadeus of the House of Savoy, in the government led by Sagasta. The second was in 1874, also under Sagasta which was to be the last of the revolutionary period. During the reign of Alfonso XII, he was Treasury Minister again from February 1881 to January 1883. One of the provisions adopted during this mandate was the setting up of the Corps of State Attorneys, whose remit was to represent and defend the state and its autonomous bodies. But the most outstanding move of his third mandate was to make state debt callable at 4%, with a reduction in the capital to be repaid and the interests payable. This "arrangement" by Camacho was seen as a success by his contemporaries. Fernando Cos-Gayón, who also served as Treasury Minister and was a long-time rival of Camacho's, described it as the most profitable operation ever undertaken by Spain's public treasury. Camacho's reform led to a major reduction in state and treasury debt. He served once more as Treasury Minister from November 1885 to August 1886.
He was Governor of the Bank of Spain twice, being appointed first by the Liberal government of José Posada Herrera in 1883 and later by the Conservative government of Antonio Cánovas del Castillo from 1891 to 1892.
Other works by Manuel Ojeda y Siles