What were the democratic-republican and federalist parties?

The Federalists party was prevalent during 1792-1816. It was created by Alexander Hamilton with followers such as George Washington as well as many other people that believed in strong centralized government, a national bank and limited states rights just to name a few. Along with Hamilton, John Adams was also a face for the Federalist Party, becoming the first (and only) president of the political group. While Washington was a supporter of the group he remained independent but did appoint Hamilton as Secretary of the Treasury. While in that position Hamilton, in efforts to make the U.S have a good/clean name when it came to credit, devised a plan in which the government would assume all state debts thus creating national debt where the national bank would come into play. The main people that supported Hamilton's beliefs were white males that were well educated and wealthy

On the other hand there were your Democratic Republicans. Thomas Jefferson is known for founding this party around 1792. The opinions reflected of this party were in direct opposition of those reflected by the Federalist party. Jefferson, as well as James Madison, (who is also credited for helping found the party) believed in states rights with a small government, and strict construction of the constitution. This party was mostly favored amongst the farmers, merchants, industrialists etc.Later when Jefferson becomes president in 1801 the Democratic-Republic ideas will be a big driving force in his image for the future of America, and what it has become since.