Menjou was a staunch Republican who equated the Democratic Party with socialism. He supported the Hoover administration's policies during the Great Depression. Menjou told a friend that he feared that if a Democrat won the White House, they "would raise taxes destroy the value of the dollar," depriving Menjou of a good portion of his wealth. He took precautions against this threat: "I've got gold stashed in safety deposit boxes all over town... They'll never get an ounce from me." In the 1944 presidential election, he joined other celebrity Republicans at a rally in the Los Angeles Coliseum, organized by studio executive David O. Selznick, to support the Dewey–Bricker ticket and Governor Earl Warren of California, who would be Dewey's running mate in 1948. The gathering drew 93,000, with Cecil B. DeMille as the master of ceremonies and short speeches by Hedda Hopper and Walt Disney. Despite the rally's large turnout, most Hollywood celebrities who took public positions supported the Roosevelt–Truman ticket.