The Federalist Papers are a series of 85 articles and essays written by Alexander Hamilton, James Madison, and John Jay promoting the ratification of the United States Constitution. Seventy-seven were published serially in The Independent Journal and The New York Packet between October of 1787 and August 1788. A compilation of these and eight others, called “The Federalist” or, “The New Constitution”, was published in two volumes in 1788 by J. and A. McLean. The series' correct title is The Federalist; the title The Federalist Papers did not emerge until the twentieth century. Though the authors of The Federalist Papers foremost wished to influence the vote in favor of ratifying the Constitution, in Federalist No 1 they explicitly set that debate in broader political terms: It has been frequently remarked, that it seems to have been reserved to the people of this country, by their conduct and example, to decide the important question: whether societies of men are really capable or not of establishing good government from reflection and choice, or whether they are forever destined to depend, for their political constitutions, on accident and force.
There are 178 separate uses of the word "republic" in the Federalist, and 83 separate instances of the word "republican". Obviously this word and it's meaning were very important to Hamilton, Madison, and Jay. There are many highlights among the essays of The Federalist. Federalist No. 10, in which Madison discusses the means of preventing rule by majority faction and advocates a large, commercial republic, is generally regarded as the most important of the 85 articles from a philosophical perspective. The Pledge of Allegiance includes the phrase: "and to the republic for which it stands." So is the United States of America a republic? I always thought it was a democracy? What's the difference between the two? Often I hear or read from people that America is both a republic and a "representative democracy". Many claim that the Framers lived in the 1700's and that since then "times have changed". I disagree with that stance. The ideas of the Framers are universal ideas and concepts, and they are truly timeless. That is why Federal judges today, when interpreting the Constitution, frequently use the Federalist Papers as a contemporary account of the intentions of the framers and ratifiers.
The United States is, indeed, a republic, not a democracy. Accurately defined, a democracy is a form of government in which the people decide policy matters directly--through town hall meetings or by voting on ballot initiatives and referendums. A republic, on the other hand, is a system in which the people choose representatives who, in turn, make policy decisions on their behalf. The Framers of the Constitution were altogether fearful of pure democracy. Everything they read and studied taught them that pure democracies "have ever been spectacles of turbulence and contention; have ever been found incompatible with personal security or the rights of property; and have in general been as short in their lives as they have been violent in their deaths" ( from Federalist No. 10).
By popular usage, however, the word "democracy" has come to mean a form of government in which the government derives its power from the people and is accountable to them for the use of that power. In this sense the United States might accurately be called a democracy. However, there are examples of "pure democracy" at work in the United States today that would probably trouble the Framers of the Constitution if they were still alive to see them. Many states allow for policy questions to be decided directly by the people by voting on ballot initiatives or referendums. (Initiatives originate with, or are initiated by, the people while referendums originate with, or are referred to the people by, a state's legislative body.) That the Constitution does not provide for national ballot initiatives or referendums is indicative of the Framers' opposition to such mechanisms. They were not confident that the people had the time, wisdom or level-headedness to make complex decisions, such as those that are often presented on ballots on election day. Writing of the merits of a republican or representative form of government, James Madison observed that one of the most important differences between a democracy and a republic is "the delegation of the government [in a republic] to a small number of citizens elected by the rest." The primary effect of such a scheme, Madison continued, was to: . . . refine and enlarge the public views by passing them through the medium of a chosen body of citizens whose wisdom may best discern the true interest of their country and whose patriotism and love of justice will be least likely to sacrifice it to temporary or partial considerations. Under such a regulation it may well happen that the public voice, pronounced by the representatives of the people, will be more consonant to the public good than if pronounced by the people themselves, convened for the same purpose (Federalist No. 10). Later, Madison elaborated on the importance of "refining and enlarging the public views" through a scheme of representation: There are particular moments in public affairs when the people, stimulated by some irregular passion, or some illicit advantage, or misled by the artful misrepresentations of interested men, may call for measures which they themselves will afterwards be most ready to lament and condemn. In these critical moments, how salutary will be the interference of some temperate and respectable body of citizens, in order to check the misguided career and to suspend the blow meditated by the people against themselves, until reason, justice and truth can regain their authority over the public mind(Federalist No. 63).
In the strictest sense of the word, the system of government established by the Constitution was never intended to be a "democracy." This is evident not only in the wording of the Pledge of Allegiance but in the Constitution itself which declares that "The United States shall guarantee to every State in this Union a Republican Form of Government" (Article IV, Section 4). Moreover, the scheme of representation and the various mechanisms for selecting representatives established by the Constitution were clearly intended to produce a republic, not a democracy. To the extent that the United States of America has moved away from its republican roots and become more "democratic," it has strayed from the intentions of the Constitution's authors. Whether or not the trend toward more direct democracy would be smiled upon by the Framers depends on the answer to another question. Are the American people today sufficiently better informed and otherwise equipped to be wise and prudent democratic citizens than were American citizens in the late 1700s?
By all accounts, the answer to this second question is an emphatic "no."
Sources: Wikipedia, Federalist No. 10, and other portions of The Federalist, U.S. Constitution