Why does hamilton argue that the president would not be an "elective monarch? " what are his arguments against this?

Alexander Hamilton argued that the President should be an ‘elective Monarch’ as the elective monarch is best suited for ruling the country with good behavior.

He believed that had sufficient power domestically to resist foreign corruption, yet there was enough domestic control over their behavior to prevent tyranny at home.

He represented the idea of elective monarch in a long speech delivered before 1787 Constitutional Convention. His proposal got revoked for the tenure of four year with the possibility of reunification.