For what purpose did some businessmen and politicians establish the liberty league in 1934?

To attack Roosevelt for advocating "socialist" policies

Explanation:

The American Liberty League was an American political association formed in the year 1934, mainly comprised of affluent business elites and famous political figures, who were most of the time opposed to the new deal of the then president of the United States Franklin D. Roosevelt. Its principles places much emphasis on private property and individual liberties.

Its leader Jouett Shouse admonished its members to:

1) protect and uphold the constitution of the country. 2) to educate the need of respect for the individual rights and of property as fundamental to every thriving form of government. 3) to teach the responsibilities of government to support and protect various individual and group initiative and enterprise. 4) to promote the right of each and every individual to work, earn, save, and purchase property, and to also protect the ownership and legitimate use of property when acquired.