"3. Provide for the application to the redemption of the circulation represented by such payments, of the United States notes or national currency so paid in, and strictly prohibit the paying out of such notes for any other purpose.
"This measure contemplates:
"1. An exclusive national currency.
"2. Relief of the state banks from taxation upon circulation which they cannot get in.
"3. The assumption of the duty of redemption by the national treasury with means provided by the state banks.
"4. Reduction in the amount in circulation while the payments into the treasury are being made and opportunity of some provision for redemption which will not again increase it.
"The effect will be:
"1. Healthful condition of currency and consequent activity in production and increase of resources.
"2. Gradual restoration of national notes to equality with specie and the facilitating of resumption of specie payments.
"3. Improvement of national credit.