Many years have already elapsed since they ceased to exist as a party.
[Footnote a: [It is scarcely necessary to remark that in more recent times the signification of these terms has changed.

The Republicans are the representatives of the old Federalists, and the Democrats of the old Republicans .-- Trans.

Note (1861).]] The accession of the Federalists to power was, in my opinion, one of the most fortunate incidents which accompanied the formation of the great American Union; they resisted the inevitable propensities of their age and of the country.

But whether their theories were good or bad, they had the effect of being inapplicable, as a system, to the society which they professed to govern, and that which occurred under the auspices of Jefferson must therefore have taken place sooner or later.

But their Government gave the new republic time to acquire a certain stability, and afterwards to support the rapid growth of the very doctrines which they had combated.
A considerable number of their principles were in point of fact embodied in the political creed of their opponents; and the Federal Constitution which subsists at the present day is a lasting monument of their patriotism and their wisdom.
Great political parties are not, then, to be met with in the United States at the present time.