In a mixing bowl combine flour, baking powder, baking soda, and salt. In another mixing bowl combine eggs, buttermilk, and margarine or butter. Add to flour mixture. Stir just until combined but still slightly lumpy. Stir in the beets. (If batter is too thick, add milk, 1 tablespoon at a time, until desired consistency is reached.)
Heat a lightly greased griddle or heavy skillet over medium heat until a few drops of water dance across the surface. For each pancake, pour about 1/4 cup batter onto the hot griddle. Spread batter into a circle about 4 inches in diameter. (For a small pancake, spread about 2 tablespoons batter into a circle
Cook over medium heat until pancakes are golden brown, turning to cook second sides when pancake surfaces are bubbly and edges are slightly dry (about 1 to 2 minutes per side). Serve immediately or keep warm in a loosely covered ovenproof dish in a 300 degree F oven. If desired, for the sauce in a small bowl stir together sour cream and horseradish. Serve pancakes with sauce, if desired. Makes about sixteen 4-inch pancakes or thirty-two 2-inch pancakes.