The Federalist Party, exemplified by the first U.S. treasury secretary, Alexander Hamilton, a transplanted New Yorker, arguably more closely resmebled today's Democrats, advocating big government and federal involvement in regulating the economy, including government sponsorship of manufacuturing instury, and public works, as well as a national monetary system and a standing army—in short, more federal control—and, of course, higher taxes to support it all.
On the other hand, the Democratic Republican Party, as it was known and defined by Thomas Jefferson and the other Southern presidents, wanted as little government as possible from Washington and, instead, preferred that the various states assume the brunt of governmental activities, including national defense, banking, and, of course, little or no taxation from authorities in Washington.
—Groom, Winston Patriotic Fire (New York, NY: Alfred A. Knopf, 2006, p. 9.
This historical reality above is the reason that I am a partisan of the Jeffersonian Republicans in their time. I believe in fiscal conservatism, constutitionally-limited government, and a natural market economy without subsidies and onerous regulation.
The Revolution of 1800 was a glorious event, because it embodied a peaceful transition of power from one party to another. The first Jeffersonian administration was characterized by frugality. As Jefferson surmised in his First Inaugural Address, on March 4, 1801: "A wise and frugal government ... shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government."
Though the party of Jeffersonian Republicans started to make compromises. The Crawford Republicans were supportive of meddlesome federal government intervening in economic affairs. Although, a principled political opposition called the Old Republicans—or the Tertium Quids (Latin for "the Third Thing")—began to take shape. The Old Republicans stood opposed to the Federalist party as well as the administrations of Jefferson and Madison. Its principle leaders were John Taylor of Caroline and John Randolph of Roanoke.
