“Democracy for many of the cultural elite was not a political creed to be welcomed but rather a symptom, like Bolshevism, of the rise of the masses and behind them of the rule of money: of quantity over quality…”

Indeed. Lothrop Stoddard wrote a book about this exact subject which was published in 1922; it was entitled “The Revolt Against Civilization: The Menace of the Under-Man” – you are likely familiar with it, but in case some of the readers are not it can be read or downloaded for free at the following link – http://books.google.com/books?vid=OCLC01027004&id=sG8AAAAAMAAJ&pg=PP7#PPP11,M1