He was forced into exile during the presidency of Floriano Peixoto, as his economic policies while he was finance minister paved the way for a disaster in the Brazilian economy.

He was also one of the republicanist participants in the 1889 coup that overthrew the monarchy of Dom Pedro II, though in later years he would praise the late deposed monarch.

[3] Part of Barbosa's legacy to history is that he authorised, as Minister of Finance on 14 December 1890, the destruction of most government records relating to slavery.

[5] Indeed, eleven days after the abolition of slavery, a law project was deposed at the Chamber, proposing some indemnification to the slave owners.

During his term as finance secretary, he implemented far-reaching reforms of Brazil's financial regime, instituting a vigorously expansionist monetary policy.