Wise words, and a lot of it is applicable today - but historical context is essential. America in 1796 was a agrarian society without a standing army, and isolation was a viable option. Those days are long gone, and they aren't coming back.
In the late 18th century, the only nations we would have conceivably considered alliances with were England, France and Spain. And all of them had proven that they would stab us in the back if it suited them. Plus these were also the only foreign powers that could have attacked our soil, we didn't have to concern ourselves with jihadists.