The flip is true now .... with many decades of work by the Dems/Progs/Libs and with enabling help and outright support from the Republicans, the people are dependent on the government. I don't see it getting turned back around.
A dependence on the people is, no doubt, the primary control on the government . . . But experience has taught mankind that auxiliary precautions are necessary.
A few paragraphs later, Madison said, " In a single republic, all the power surrendered by the people is subdivided to the administration of a single government. To guard against usurpation, the government is divided into distinct and separate branches. In the compound republic of America, the power surrendered by the people is first divided between two distinct governments, state and federal. Then the portion allotted to each is subdivided among distinct and separate branches. Hence the rights of the people are doubly protected."
The first and most important division of power was between the states and feds. The 17th Amendment removed the first division. Here in the age of Obama, the second division, that of three branches within the national government has become muddied to point that judges and the executive make proclamations with the force of law.
Very little time remains to save our republic. It is way beyond time for an Article V amendment convention.