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 should emerge organically from commerce rather than through government intervention. This perspective aligns with the idea that economic forces are better equipped to ensure stability in currency rather than human management, reflecting a fundamental debate about the nature of monetary policy in the United States.