The description in the title refers to the Democratic‑Republican Party , the political party led by Thomas Jefferson in the early United States.

What the clue is describing

  • The party was led by Thomas Jefferson and James Madison and emerged in opposition to Alexander Hamilton and the Federalists.
  • Its leaders favored less federal government and more power for state governments and local communities.
  • They envisioned an agricultural economy based on independent farmers (yeoman farmers) rather than on industry and big cities.
  • They opposed a powerful national bank and preferred state banks and hard money, seeing concentrated financial power as a threat to liberty.

Quick Scoop mini‑summary

  • Name: Democratic‑Republican Party (Jeffersonian Republicans)
  • Leader: Thomas Jefferson
  • Key ideas:
    • Limited central government
    • Stronger state and local authority
    • Agrarian, farm‑based economy
    • Suspicion of national banks; preference for state banking and specie (gold/silver)

So, the phrase “led by Thomas Jefferson; wanted less federal government, an agricultural economy, and state banks” is describing the Democratic‑Republican Party. Information gathered from public forums or data available on the internet and portrayed here.