We come here to the formal aspect of the State -- the question of monarchy versus republic -- which is mostly discussed from a highly emotional rather than a rational point of view ..
In any objective discussion, we must also assign this question its proper place in our hierarchy of values. It is not an accident that we speak of the "form" of government. There is a great difference between the "form" and the "content" -- or purpose -- of the State. The latter is its essential raison d'etre, its very soul. The former corresponds to the bodily form of a living being. The one can certainly not exist without the other; but in any sane hierarchy of values the soul occupies a higher place than the body.
The essential purpose of the State, its "content," is rooted in natural law. The State is not an end in itself; it exists for the sake of its citizens. It is therefore not the source of all law (a claim that is still far too widely accepted), nor is it all-powerful. Its authority is circumscribed by the rights of its citizens. It is only free to act in those fields that are outside their free initiative. The State is therefore at all times the servant of natural law. Its task is to give practical effect to this law; nothing more.
We are now in a position to define what we understand by a monarchy and a republic. Monarchy is that form of government in which the head of State is not elected, bases his office on a higher law, with the claim that all power derives from a transcendental source. In a republic, the highest officer of State is elected, and hence derives his authority from his electors, that is, from the particular group which elected him.
Leaving aside purely emotional considerations, there are good arguments for both of these basic forms of government.
.. the Crown contributes to political life that stability without which no great problems can be solved. In a republic, the firm foundation is lacking. Whoever is in power must achieve a positive success in the shortest possible time, otherwise he will not be re-elected. This leads to short-term policies, which will not be able to cope successfully with problems of world-historical scope.
The future form of the State will be something entirely new, something which will represent principles of eternal validity in a form appropriate to the future, without the errors of the past...