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Canonical works in political science and economics explain the success or failure of democratic transitions and the stability of democracy with reference to the preferences of predemocratic elites. For example, classic works ranging from Acemoglu and Robinson (2006) and Boix (2003) to recent works such as Albertus and Menaldo (2018) make predictions about the relationship of economic inequality and democracy, presuming a logic that economic redistribution under conditions of high economic inequality drives elite opposition to democracy. But are political economy motives the factors that actually historically drove conservative elite opposition to democracy? We examine this question by turning to the historical record of the predemocratic German Reichstag (1871-1933). We test the political economy assumption that fear of democracy was rooted in fear of redistribution vis-à-vis an alternative argument that conservatives in historical Germany resisted democratization out of a psychologically-rooted motivated-reasoning opposition to the leveling of social hierarchies and relative social status. We conduct a series of quantitative text analyses to unravel which narratives against democratization have been predominantly used by conservative parliamentarians and how their arguments changed over time. In addition, we present further historical evidence to substantiate our proposition of conservative social identity as a major motivation to maintain the status quo – and counteract democratic power sharing. Our findings contribute to the ongoing discussion about the role of conservative elites during the emergence of liberal democracy in Western societies.