"Those who had most insistently demanded the innovation of the referendum, because they thought it would produce exactly the opposite result, were temporarily stunned by the sudden revelation that they were populists without the support of the people. Now they have recovered from their concussion and seek to reopen the issue. ... Even if they had a coherent alternative policy, which they do not, it would wreck itself upon the rock of inconstancy. ... No one any longer expects us to be a rich country. But with an almost touching faith they still hope that we will be consistent and reliable. It is exactly this store of remaining national credit which the false democrats who first demanded and now deny the referendum seek to undermine."
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