A chief attraction of the real bills theory was that it took decisions regarding the money supply out of human hands. John Carlisle, Treasury secretary under Cleveland, maintained that issuing notes is not a proper function of the Treasury Department, or of any other department of the Government. The task was just too difficult. Rather, Carlisle said, currency should be regulated entirely by the business interests of the people and by the laws of trade.
The real bills theory was appealing because it removed the control of the money supply from human decision-makers. Notably, John Carlisle, who served as Treasury secretary under President Cleveland, argued vigorously against the government’s role in issuing currency. He believed that such tasks surpassed the capabilities of governmental departments and should instead be guided solely by business interests and market dynamics.
Carlisle’s stance highlighted a broader philosophical view that currency regulation...
