Absolutely!
"At the close of the Constitutional Convention in Philadelphia on September 18, 1787, a Mrs. Powel anxiously awaited the results and as Benjamin Franklin emerged from the long task now finished asked him directly, `Well, Doctor, what have we got? A republic or a monarchy?' `A republic, if you can keep it,' responded Franklin. " (several links avail to confirm this)
Franklin knew (as did many of our other founding fathers) that it would be no easy task to keep a republic and that it could easily deviate into a democracy and/or into tyranny (which indeed seems to be what is happening).