olitical and economic thought, no apology is necessary for submitting
our traditional ideas and practices to an examination from an
untraditional point of view. I need scarcely add that the untraditional
point of view will contain little or no original matter. The only
novelty such an inquiry can claim is the novelty of applying ideas, long
familiar to foreign political thinkers, to the subject-matter of
American life. When applied to American life, this group of ideas
assumes a somewhat new complexion and significance; and the promise of
such a small amount of novelty will, I trust, tempt even a disapproving
reader to follow somewhat farther the course of the argument.

CHAPTER II

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. In case the proposed
conception of the Promise of American life cannot be applied to our
political and economic history without essential perversion, it must
obviously fall to the ground; and as a matter of fact, the ideal itself
has been sensibly modified during the course of this attempt to give it
an historical application. In spite of all these modifications it
remains, however, an extremely controversial review. Our political and
economic past is, in a measure, challenged in order to justify our
political and social future. The values placed upon many political
ideas, tendencies, and achievements differ radically from the values
placed upon them either by their originators and partisans or in some
cases by the majority of American historians. The review, consequently,
will meet with a far larger portion of instinctive opposition and
distrust than it will of acquiescence. The whole