This well-known saying is part of a phrase attributed to Benjamin Disraeli and popularized in the U.S. by Mark Twain:
Recent research indicates that neither Disraeli nor Twain actually coined the phrase. Alternative attributions include the radical journalist and politician Henry Du Pré Labouchère (1831-1912), and Leonard H. Courtney, who used the phrase in 1895 and two years later became the president of the Royal Statistical Society. There is some doubt, however, as to what Courtney intended the phrase to mean