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Schulman describes the purpose of the electoral college. Without it a popular vote can easily be bought by the whole world in the US today without the electoral colleges protective mechanism. Here is the piece by Schulman with ref to the federalist papers...

http://www.multied.com/elections/Electoralcollgewhy.html

Why Was the Electoral College Created?

by Marc Schulman

The Electoral College was created for two reasons. The first purpose was to create a buffer between population and the selection of a President. The second as part of the structure of the government that gave extra power to the smaller states.

The first reason that the founders created the Electoral College is hard to understand today. The founding fathers were afraid of direct election to the Presidency. They feared a tyrant could manipulate public opinion and come to power. Hamilton wrote in the Federalist Papers:

It was equally desirable, that the immediate election should be made by men most capable of analyzing the qualities adapted to the station, and acting under circumstances favorable to deliberation, and to a judicious combination of all the reasons and inducements which were proper to govern their choice. A small number of persons, selected by their fellow-citizens from the general mass, will be most likely to possess the information and discernment requisite to such complicated investigations. It was also peculiarly desirable to afford as little opportunity as possible to tumult and disorder. This evil was not least to be dreaded in the election of a magistrate, who was to have so important an agency in the administration of the government as the President of the United States. But the precautions which have been so happily concerted in the system under consideration, promise an effectual security against this mischief.

(See All of the Federalist 68)

Hamilton and the other founders believed that the electors would be able to insure that only a qualified person becomes President. They believed that with the Electoral College no one would be able to manipulate the citizenry. It would act as check on an electorate that might be duped. Hamilton and the other founders did not trust the population to make the right choice. The founders also believed that the Electoral College had the advantage of being a group that met only once and thus could not be manipulated over time by foreign governments or others.

The electoral college is also part of compromises made at the convention to satisfy the small states. Under the system of the Electoral College each state had the same number of electoral votes as they have representative in Congress, thus no state could have less then 3. The result of this system is that in this election the state of Wyoming cast about 210,000 votes, and thus each elector represented 70,000 votes, while in California approximately 9,700,000 votes were cast for 54 votes, thus representing 179,000 votes per electorate. Obviously this creates an unfair advantage to voters in the small states whose votes actually count more then those people living in medium and large states.

One aspect of the electoral system that is not mandated in the constitution is the fact that the winner takes all the votes in the state. Therefore it makes no difference if you win a state by 50.1% or by 80% of the vote you receive the same number of electoral votes. This can be a receipe for one individual to win some states by large pluralities and lose others by small number of votes, and thus this is an easy scenario for one candidate winning the popular vote while another winning the electoral vote. This winner take all methods used in picking electors has been decided by the states themselves. This trend took place over the course of the 19th century.

While there are clear problems with the Electoral College and there are some advantages to it, changing it is very unlikely. It would take a constituitional amendment ratified by 3/4 of states to change the system. It is hard to imagine the smaller states agreeing.