If we're going to argue definitions, might as well see what more conventional definitions from the dictionary look like (from Google's Dictionary) re·pub·lic

If we're going to argue definitions, might as well see what more conventional definitions from the dictionary look like (from Google's Dictionary) re·pub·lic /rəˈpəblik/ a state in which supreme power is held by the people and their elected representatives, and which has an elected or nominated president rather than a monarch. de·moc·ra·cy /dəˈmäkrəsē/ a system of government by the whole population or all the eligible members of a state, typically through elected representatives. Now, the next thing we should probably figure out is in what sense did Franklin mean it? Did he believe that the word 'Republic' conveyed merely that the country would be governed by Rule of Law? That seems extremely unlikely.