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This has never been correct. The founding fathers very much thought other White land owning men were sufficiently educated and "capable of getting it right". They certainly never expressed the contrary view that some other minority population was, by contrast, smart enough to "get it right".Of course the reason originally was as much because the founding fathers didn't think the American people were capable of getting it right. Nice way of saying not smart enough.
The EC exists for the same reason that no state has less than 1 Congressman, and none has less than 2 Senators, no matter how small the population. It has to do with setting a minimum baseline of representation, AND it also has to do with those EC representatives being able to travel to D.C. in a reasonable time frame, to cast their vote as representatives of their State, because there was no mass telecommunication at the time.