The Federalist Party self-destructed in the early 1800s by holding untenable positions, supporting Britain over France, industrialist over the farmer, rich over the commoner and being an exclusive party, driving all those who disagreed with it out of its ranks. Jefferson, the head of the Democratic-Republican Party broadened the ideological base to accept the disaffected Federalists. Personally, I see the Conservatives doing the same thing over social issues, do you?
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Absolutely right on the second Republican Party; the first became the Southern Democrats you mentioned, as did the fourth (current one). The third was from around 1900 to 2004.
This southern democrat conversion to republican is a myth in terms of political affiliation. There is one man that switched parties. (Strom Thurman). Ike's civil rights bill in 57 was opposed by nearly all (quite liberal)democrats North and South.