1894 Brewer’s / R / Rainbow Chasers
Problematical politicians and reformers, who chase rainbows, which cannot possibly be caught, to “find the pot of gold at the foot thereof.” This alludes to an old joke, that a pot of gold can be dug up where the rainbow touches the earth.
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.