Some men look at constitutions with sanctimonious reverence, and deem them like the arc of the covenant, too sacred to be touched. They ascribe to the men of the preceding age a wisdom more than human.
Let a man find himself, in distinction from others, on top of two wheels with a chain--at least in a poor country like Russia--and his vanity begins to swell out like his tires. In America it takes an automobile to produce this effect.
As a protection against financial illusion or insanity, memory is far better than law. When the memory of the 1929 disaster failed, law and regulation no longer sufficed.