The hat is the ultimum moriens of "respectability".

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Notes from Wikiquote

"Ultimum moriens," the Autocrat explains, "is old Italian [i.e. Latin], and signifies last thing to die."

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Attribution

Quote text and notes from Wikiquote: Oliver Wendell Holmes Sr. (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.