George Thomas at The Atlantic:
The founding generation’s fear of demagogues is well known. Alexander Hamilton insisted on the problem in Federalist No. 1: “Of those men who have overturned the liberties of republics, the greatest number have begun their career by paying an obsequious court to the people; commencing demagogues, and ending tyrants.” The Founders’ concern was really two fears combined: fear of an unscrupulous leader and fear of an unreflective people. What is less well known is that they also feared a third source of power that could damage their grand experiment in popular government: extraordinarily rich Americans whose aims did not align with democracy.
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Writing to Jefferson, John Adams foresaw many of today’s problems: The people would inevitably confuse the rich and well-born for the wise and virtuous. If Jefferson contemplated the rise of a “natural aristocracy,” Adams reminded him that mankind had long admired the rich simply because they were rich, confusing their wealth for wisdom. Yet wealth is no guarantor of wisdom or virtue. A combination of the rich and the ignorant, Adams noted, could empower a demagogue at the expense of democracy.
Americans too often think they are exceptional, that history somehow does not apply to them. Adams disabused us of this notion from the beginning. There “is no special providence for Americans”; we are no different than other nations. We, too, might end our republican experiment by trusting in a demagogue urged on by our emerging oligarchs.