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The executive = the President of the US?
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It refers to the executive branch of power (in contrast with legislature here). The President embodies this group.
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it is scarcely the principal, object of my jealousy = The object of my jealousy is scarcely the principal?
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No, it should read: ...is not the sole, and even not the principal, object of my jealousy.
=> It is not the sole object of my jealousy (there are others)
=> This is not the principal object of my jealousy (there are others that bother me more).
FRC