István Hont identified a point in the history of political thought at which republicanism and commercialism became separated. According to Hont, Emmanuel Sieyès proposed that a monarchical republic should be formed. By contrast the Jacobins, in favour of a republic led by the people, rejected not only Sieyès’s political proposal, but also the economic ideology that went with it. Sieyès was in favour of a commercial republic; the Jacobins were not. This was, according to Hont, a defining moment in the history of political thought. In this article, I offer a different analysis of that particular moment in the history of the commercial republic, one that instead of focusing on Sieyès and the Jacobins, looks at the thought of Girondins philosophers Nicolas de Condorcet and Sophie de Grouchy. I argue that their arguments provide sound models for a commercial republic, reconciling late 18th century republican ideals in which virtue was central, with the need for a flourishing and internationally active market economy.