We must begin, consequently, with critical accounts of the ideas both of Jefferson and of Hamilton; and we must seek to discover wherein each of these sets of ideas was right, and wherein each was wrong; in what proportions they were subsequently combined in order to form “our noble national theory,” and what were the advantages, the limitations, and the effects of this combination.  I shall not disguise the fact that, on the whole, my own preferences are on the side of Hamilton rather than of Jefferson.  He was the sound thinker, the constructive statesman, the candid and honorable, if erring, gentleman; while Jefferson was the amiable enthusiast, who understood his fellow-countrymen better and trusted them more than his rival, but who was incapable either of uniting with his fine phrases a habit of candid and honorable private dealing or of embodying those phrases in a set of efficient institutions.  But although Hamilton is much the finer man and much the sounder thinker and statesman, there were certain limitations in his ideas and sympathies the effects of which have been almost as baleful as the effects of Jefferson’s intellectual superficiality and insincerity.  He perverted the American national idea almost as much as Jefferson perverted the American democratic idea, and the proper relation of these two fundamental conceptions one to another cannot be completely understood until this double perversion is corrected.

To make Hamilton and Jefferson exclusively responsible for this double perversion is, however, by no means fair.  The germs of it are to be found in the political ideas and prejudices with which the American people emerged from their successful Revolutionary War.  At that time, indeed, the opposition between the Republican and the Federalist doctrines had not become definite and acute; and it is fortunate that such was the case, because if the opponents of an efficient Federal constitution had been organized and had been possessed of the full courage and consciousness of their convictions, that instrument would never have been accepted, or it would have been accepted only in a much more mutilated and enfeebled condition.  Nevertheless, the different political points of view which afterwards developed into Hamiltonian Federalism and Jeffersonian Republicanism were latent in the interests and opinions of the friends and of the opponents of an efficient Federal government; and these interests and opinions were the natural product of contemporary American economic and political conditions.

Both Federalism and anti-Federalism were the mixed issue of an interest and a theory.  The interest which lay behind Federalism was that of well-to-do citizens in a stable political and social order, and this interest aroused them to favor and to seek some form of political organization which was capable of protecting their property and promoting its interest.  They were the friends of liberty because they were in a position to benefit largely by the possession