Reference > Brewer’s Dictionary > Rainbow Chasers.

 Rainbow.Raining Tree (The). 
E. Cobham Brewer 1810–1897. Dictionary of Phrase and Fable. 1898.
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.   1

 Rainbow.Raining Tree (The). 

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