I THE FEDERALISTS AND THE REPUBLICANS The purpose of the following review of American political ideas and practices is, it must be premised, critical rather than narrative or expository.

I am not seeking to justify a political and economic theory by an appeal to historical facts.

I am seeking, on the contrary, to place some kind of an estimate and interpretation upon American political ideas and achievements; and this estimate and interpretation is determined chiefly by a preconceived ideal.

The acceptability of such an estimate and interpretation will, of course, depend at bottom upon the number of important facts which it explains and the number which it either neglects or distorts.

No doubt, certain omissions and distortions are inevitable in an attempt of this kind; but I need scarcely add that the greatest care has been taken to avoid them.