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He meant 'keep' as in 'maintain': 'a republic, if you can maintain it'. Historically, republics don't have the best track record (I'm looking at you, Rome, Athens, and Florence). Benjamin Franklin meant that the republic that he had helped to created in the US was a gift, if the citizens of the US were able to make it work, and not let what happened to Rome happen to the US.

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Q: Who said a republic if you can keep it?
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