The surprise Princeton document : constitution convention rejected judicial veto power

Marbury v. Madison was decided in 1803. Most of the founders were alive then. Hell our Constitution was 14 years old (from ratification date).

What branch would the arbiter of what is constitutional or not if the Supreme Court isn't?

Jefferson's opinion on the Supreme Court after Marbury vs. Madison:

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You seem to consider the judges as the ultimate arbiters of all constitutional questions; a very dangerous doctrine indeed, and one which would place us under the despotism of an oligarchy. Our judges are as honest as other men, and not more so. They have, with others, the same passions for party, for power, and the privilege of their corps.... Their power [is] the more dangerous as they are in office for life, and not responsible, as the other functionaries are, to the elective control. The Constitution has erected no such single tribunal, knowing that to whatever hands confided, with the corruptions of time and party, its members would become despots. It has more wisely made all the departments co-equal and co-sovereign within themselves.

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The Anti-Federalist Robert Yates:

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"The supreme court then have a right, independent of the legislature, to give a construction to the constitution and every part of it, and there is no power provided in this system to correct their construction or do it away. If, therefore, the legislature pass any laws, inconsistent with the sense the judges put upon the constitution, they will declare it void."

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It seems that (some) of the founders were not too keen on the notion that the Supreme Court has the final word on law. A very prescient concern considering the activist judges that have plagued the court for so long now.