During the 1780s, in both war and peace, Alexander Hamilton and James Madison shared a number of political principles. They had a similar view of human nature, supported republican self-government, and wanted the national government to assume greater powers because of what they perceived to be the flaws under the Articles of Confederation. Their collaboration culminated in the creation of the Federalist as the definitive defense of the Constitution during the ratification debate. It seemed as if their fruitful partnership would endure in the new republic.
The 1790s saw the rapid fracturing of this key relationship of the American founding. The fierce debate engendered by Hamilton's financial plans including the federal assumption of state debts, the national bank, and government sponsorship of manufactures and internal improvements split the relationship. Madison increasingly allied himself with Thomas Jefferson, and they feared that the centralizing tendencies in Hamilton's policies were creating a monarchical and aristocratic system that threatened republican self-government. For his part, Hamilton was shocked and disturbed by Madison's apparent betrayal and thought that the myopic opposition would hinder and destroy the national Union and new republic.
Their division revealed important differences of political philosophy, argues Jay Cost in his thought-provoking new book, The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy. The author points out that the main difference between the two statesmen was based upon Hamiltonian advocacy of economic nationalism binding the wealthy to the national government and Union, whereas the Madisonian project focused on republicanism guided by ensuring justice for all groups.
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