Tuesday, July 25, 2006

Stephen Pearl Andrews vs. Benjamin Tucker (and Proudhon, and William B. Greene)

The Index, the free religionist paper, continues to be a source of interesting material by individualist anarchists and their associates. The 1875 volume contains bits and pieces of interest, including some additional "cost the limit of price" discussion by Edward Linton, notices of the death of Susan Dimock, and contributions by Dyer Lum—all of which suggests that the 1874 volume, which I have not yet seen, is probably worth tracking down. The 1876 volume, however, is pure paydirt. Lum and Henry Appleton appear. Ezra H. Heywood debates Elizur Wright about something called "The Family Bank." And Stephen Pearl Andrews' review of Benjamin Tucker's translation of Proudhon's What Is Property? starts a short, somewhat heated debate on the merits of Proudhon's work vs. Andrews' universology. Tucker is more self-assured in this exchange than in his debate with Abbot in 1873. And William B. Greene makes an appearance, via a letter to Tucker, and challenges Andrews to clarify the nature of his "great discovery. Andrews then takes up the challenge in a series of three remarkably clear bits of universological explanation.

(As it appears that Andrews' series of articles continues on into 1877, I'll wait to see that volume before collecting the series. Heywood's debate with Wright formed an early episode in Wright's advocacy of life insurance, and it should be possible to gather up Wright's "Life Insurance for the Poor," as well as some of the surrounding debate. I'll be travelling to get another look at the microfilm of The Word next week, so I can also check to see if any of these debates spilled over into the pages of that publication.)

Much of the debate in The Index in this period was related to religious influence in schools and the relative threat levels of Catholic and Protestant sects to liberty and free religion. Into the midst of all this, Stephen Pearl Andrews dropped a short missive, memorable as a near-perfect example of the Pantarch's style:



Doubtless, when the Pope is truly fulfilling his function of Supreme Pontifex, of Pontifex Maximus, he is infallible; for it is only when he makes no mistakes that he is fulfilling that function. So every other man, when doing rightly his supreme devoir, is infallible, for the same reason. It is only when a man is off the tripod that he makes mistakes, because to make mistakes is to be off the tripod.

Monday, July 24, 2006

French language resources on "Rational Socialism"

Sometimes it really seems there is a website for everything. The Société des Études Colinsiennes, dedicated to the work and legacy of Jean-Guillaume-César-Alexandre-Hippolyte de COLINS de Ham, the originator of the doctrine of "rational socialism" and possible coiner of the term "collectivism," is something of a gem. Colins was something of a rival of Proudhon's, although the anarchist apparently never responded to his work as seriously as he would have liked. The debate was finally staged posthumously by Adolphe Hugentobler, a Swiss disciple of the Belgian Colins, in Dialogue Des Morts Entre Proudhon Et Colins (1867). I'm working my way through Hugentobler's Dialogue right now, and will post some translations as they're completed.

Documents of the February Revolution, 1848

The Center for Research Libraries at the University of Chicago has a fine online collection of Pamphlets and Periodicals of the French Revolution of 1848. You'll find large scans of lots of fascinating ephemera from the February Revolution and the period of the provisional government. Check out, for example, the Lettre de Mme. Calomnie au citoyen Proudhon or Le Cholera Electoral. De Profundis Proudhonien, for a couple of shots at the mutualist everyone loved to hate.

Tuesday, July 18, 2006

A New Boston Tea Party

Anyone interested in libertarian electoral politics, particularly those frustrated with the current direction of the Libertarian Party, should check out The Boston Tea Party. Thomas L. Knapp describes the new party's raison d'etre thus:
"The Boston Tea Party is a reaction to the Libertarian Party's decision, at its 2006 national convention, to abdicate its political responsibilities to the American people."

This isn't the time or place to go far into the merits of electoral politics. What I will say is that, though i am not a member, I respect a number of the organizers of The Boston Tea Party, and I particularly applaud their refusal remain inert in the midst of political crises, at a time when inertia seems to rule the popular political realm.

Best of luck, folks. I'll be watching with interest.

Monday, July 17, 2006

Proudhon's "The State" - Two Translations

The newest additions to the Proudhon archive in the Labyrinth are two translations of his essay "The State," a polemic against Louis Blanc and Pierre Leroux, and a defence of anarchy as the logical outcome of the February 1848 Revolution. William B. Greene published a partial translation in The Word, August 1872. Benjamin Tucker published a more complete version in Liberty (January 28 and February 11, 1888). Side by side, they reveal more than a bit about the translators. Notice that Greene, who was strongly influenced by Leroux and remained committed to his "heretical" Christian faith long after leaving the ministry, leaves out much of the personal attack and the anti-religious material.

An embarassment of riches, or, Auguste Ott tips the scales

It was probably about the third time I looked at the list of books donated by Elizabeth Palmer Peabody to the Boston Athenaeum that I noticed the third William B. Greene-related item.

Ott, Auguste (1814-1903). Manuel d’Histoire UniverselleTome Premier. Première Partie. Histoire Ancienne. Paris: Paulin, 1840. iii, 588 pages. Half leather, marbled paper boards. Inscribed in ink on front paste-down endpaper: "W.B. Greene / Brookfield." Marginal markings and notes in pencil throughout.

There's a kind of obsessive visiting and revisiting of the minor details that's a part of a work like the William B. Greene project, where nearly all the bits of information are small and scattered, and it's hard to know at any given moment which little scrap of fact will illuminate others. I've made various attempts to arrange the bits and pieces, like the Timeline & Miscellany, but I also make a point of leafing through my files and repeating various search routines online every few months. That's the way I ran across the mention of this copy of Ott's Manuel, which belonged to Green in the 1840s, and might contain his annotations.

A minor associationniste, and associate of Philippe Buchez (1796-1865), Auguste Ott (1814-1903) seems like an unlikely figure to have made a decisive impact on my study of Greene and early mutualism. But every research project is the product of negotiations about scope and depth, and, while l’histoire universelle had long been near the top of my list of "Things I Have To Explore Sometime in Relation to William B. Greene," I've known that if I was really going to understand works like Greene's Remarks On The History Of Science; Followed By An Apriori Autobiography, I would have to confront a few thousand pages of work by Buchez, Fabre D'Olivet, and others, all in the original French. Greene's francophile tendencies and tastes have not, alas, been shared to any great extent by English-speaking radicals, with the result that only a fraction of the works of Proudhon have been translated. These more obscure figures, influencial as they were, hardly even make the footnotes of the accounts of Greene. Orienting myself in the literature of transcendentalism, or in the banking and currency writings which influenced Greene, has been a pretty big job. I've dabbled with Proudhon's untranslated works, trying to make my years-rusty French do the work, and with some success. But with Proudhon, at least I knew a bit going in, and had read some works in translation. Jumping into the midst of a discussion of "universal history," carried on in French among Christian socialists, sounded fairly daunting.

Well, I've sort of learned to stop worrying and love being lost between the que and whatever is going to make it make sense, over there, after the verb phrase and maybe a dependent clause or eighteen. I've made my peace with the fact that A Special Answer to a Special Prayer, the William B. Greene book, really deserves the full treatment, and that my understanding of mutualism's history and present promise (and this has everything to do with the particular way I make use of history) isn't going to develop as I would like without a much closer acquaintanceship with folks like Proudhon and Pierre Leroux.

It's a giddy moment, not least because I can see the vortex ahead.

I've started in earnest, translating the rest of Proudhon's Solution du Problème Social (partially translated by Greene and Clarence L. Swartz), which has meant hours translating and more hours learning in detail the history of the February Revolution, so what I'm reading actually makes sense. It's hard work, but it's also a lot of fun. Proudhon is sharp-tongued and funny. His antagonists are frequently just as much fun to read. I'll be sharing some rough translations, commentaries and secondary source sites soon. I'm also working on canvassing the periodical literature for both additional material by Greene, and for evidence of his influence. I've started working my way through the issues of Liberty, tracing Tucker's gradual development.

All this means that if you are one of the folks waiting for my definitive work on Greene, the wait has just extended by a few years of research travel and translation. But it also means that I'm free from that sense of "just a little bit more," which has kept me from writing up much of the material I've already unearthed. I'm fortunate to have a fairly large number of people waiting to read something about Green that goes beyond the fairly cursory accounts in the anarchist histories, many of them folks who probably don't really want to read about l’histoire universelle, at least for more than a few pages. Some time ago, I had talked about doing a more introductory text, with more material on Greene's relation to present political concerns. That project is all ahead full, and the work on it is a really pleasant diversion from compound tenses and the partisan politics of 1848. I've got a stack of minor projects to clear out and some a class to prep for Fall semester, but I should be able to start trying out some sections on the blog this Fall.

Scanning update: things still seem to be on track for roughly 3000 original pages of material added to the archive in 2006. I'm just a few books away from completing the Greene archive. Thanks to everyone who is making use of the materials.

Thursday, July 13, 2006

Adrian Kuzminski on Kellogg and Greene

My posting of the 1870 Mutual Banking has already brought forth interesting fruit. Adrian Kuzminski, who is interested in Edward Kellogg, sent the following via email. For now, I simply want to clarify what I know of the Greene-Kellogg relationship.
It is clear that Greene read Kellogg, whom he cites several times in his essays entitled MUTUAL BANKING, apparently first published in 1849. Kellogg, who died in 1858, began publishing his views in 1841. Greene's first essay in MUTUAL BANKING, "The Usury Laws," seem to be largely a gloss on Kellogg. He not only quotes Kellogg's assessment of the concentration of wealth in Boston, but also uses examples, even turns of phrase, found in Kellogg.
For those who don't know the texts, and their publishing history, I've recently reviewed the intricacies. My pdf edition of Equality includes footnotes with indications of where Greene has made uncredited borrowings from Kellogg's Labor and Other Capital. I intend to do full collations of the texts as soon as I finish scanning the latter work. (For the record, there are also uncredited borrowings from Pierre Leroux's De l'humanité in that volume, and from William Beck's Money and Banking in the 1850 Mutual Banking.) Greene certainly read Labor and Other Capital, and may in fact have been aware of Kellogg's earlier work. In 1843, Kellogg sent Orestes Brownson a copy of his Usury, the Evil and the Remedy. At time, Brownson was becoming more distant from Greene and other radicals, writing for the The United States Magazine, and Democratic Review the articles that would lead to his break with both reformers and Protestants, but the break had not yet been made, and Brownson maintained fondness for Greene, to whom he had been a mentor, even afterwards. It is also possible that Greene was aware of the debates surrounding Kellogg's work in Hunt's Merchants' Magazine and Commercial Review in 1848. (Initially, Kellogg appears under his "Godek Gardwell" pseudonym. See Kellogg's publishing history. Usury, the Evil and the Remedy is an awkward, oversized publication that poses some scanning problems, but will eventually appear in the Libertarian Labyrinth. Kellogg's earliest publication, Remarks Upon Usury and its Effects: A National Bank a Remedy (1841), is already available online.)
Kellogg's fullest views were published only in 1861 in a postumous edition put together by his daughter and entitled A NEW MONETARY SYSTEM, but his earlier work was summarized in 1849 as LABOR AND OTHER CAPITAL. I see no discrepencies here, only a consistent evolution.

A New Monetary System is available online, and I have discussed it a bit in an earlier post.

Greene, I think it's fair to say, agrees with Kellogg's assessment of the burden of usury and its fundamental role in concentrating wealth. But he gives a different account of the origin of usury and the nature of currency;and though he offers a somewhat similar remedy in his notion of mutual banking, important differences remain.

Let me explore these issues in turn.

As far as currency goes, Greene focuses on its role as a medium of exchange. Kellogg, by contrast, focuses on the nature of currency, or money, as a debt. But there need be no conflict between these views, as Kellogg makes plain.

In the essay on "Money," Greene quotes Kellogg to the effect that the value of money "depends upon its power of being loaned for an income." Greene tells us that Kellogg is "mistaken" in this, and that its value can and should lie wholly in its use as a medium of exchange.

Greene misunderstands Kellogg here. For this is precisely Kellogg's point: The lower the rate of interest, the less value money will have. At zero or nominal interest, money has no intrinsic value, being useful only as a counter and measure for purposes of exchange, exactly as Greene desires. Anyone reading either of Kellogg's books will see this clearly, which leads me to suspect that Greene did not read Kellogg with a clear eye, but a prejudiced one. More on this below.
I think there is much in both Greene and Kellogg that is far from clear. For his part, Greene is frequently unfaithful to his sources, taking or taking seriously only what seems to advance his own project. I'll have to look back at Kellogg, but there still seems to be more than just a difference of perspective here.
It is the whole burden of Kellogg's work to show that it is the power of interest or debt or usury which gives money per se its value, which is precisely the reason to eliminate interest on money. Kellogg wants the same thing Greene does, and it's a pity Greene's misreading of Kellogg makes it seem otherwise. It may have had something to do with the relative obscurity into which Kellogg subsequently fell.
It strikes me that Kellogg probably had more actual influence than Greene did, as Chester McArthur Destler has shown in his American Radicalism, 1865-1901, Essays and Documents (1946). Greene's objections to Kellogg certainly had little influence on the promotion of Kellogg's work in The Word. Mary Kellogg Putnam had connections to the individualist anarchists and Kellogg's work even gets a few fairly friendly mentions in Liberty. And I can't think of a single posthumous review of Greene to match treatments like William Butts' 35-page review in The North American Review for January 1873.
It's worth pointing out that money remains intrinsically debt even without interest, insofar as money outstanding is the claim society allows itself to make against goods and services on the market which must be replaced to continue the process. (Frederick Soddy is good on this.)

As far as usury is concerned, according to Greene, in his essay "The Currency," it is a function of specie currency: ". . . the objection to the use of precious mentals as currency is, that, as soon as they are adopted by society as a legal tender, there is superadded to their natural value this new, artificial and unnatural value. . . . usury depends for its existence upon this superadded. social, unnatural value, which is given artifically to the material of the circulating medium."

Greene's presumption seems to be that since precious metals are commodities which can be controlled by a few persons, their sanction as legal tender or as money exclusively, gives those persons control over the money supply and therewith the power to charge interest, or usury.

Kellogg has a broader view, which Greene seems to miss. It may well be that control of precious metals helps encourage usury, but this can happen only if usury is already permitted by law. Usury, as we see painfully today, thrives as never before not under any precious metal regime, as Greene expects us to believe, but under fiat money.

Kellogg recognizes that state power can either prohibit or enable usury. He shows with great clarity the economic benefits to society as a whole which would follow the legal abolition of usury. It may be that Greene, more or less committed to Proudhonian anarchist principles, is anxious not to admit any role for state power, even if that power be democratically accountable in the best sense. So he has to find a cause and remedy for usury somewhere outside state power, and he chooses precious metals. Here seems to be an instance of political dogmatism distorting the analysis of money. I can explain Greene's misreading of Kellogg only by reference to his philosophical commitment to anarchism.
If Greene is misreading Kellogg, part of the problem is undoubtedly that Kellogg's work needed some of the clarification which it received posthumously. I'll confess that some things which seem crystal clear to Kuzminski are going to require another look on my part. The emphasis on the "superadded" power of specie as currency is, in part, a borrowing from William Beck. (Microform reproductions of Beck's book are very imperfect, and it is taking some time to get a good electronic text edition together, but the microfilm, such as it is, is fairly widely available through interlibrary loan and worth a look.) It is also certainly the case that Greene's engagement with Kellogg was conditioned by prior commitments to a mutualism derived in large part from Leroux and Proudhon.

It goes even further. In the effort to avoid state power, Greene comes up with private mutual banking, the centerpiece of his response to usury. Kellogg's solution to usury, by contrast, is to create by national law a decentralized public banking system which issues notes to all borrowers with good collateral at zero or nominal interest, those notes then circulating as a new currency (his 'new monetary system').

Greene's mutual banking system looks suspiciously like an adaptation of Kellogg's system to Proudhonian anarchist ends. The central insight of a currency based an a system of local public credit offered at zero or nominal interest is taken straight from Kellogg (without, incidentally, giving Kellogg any credit). But instead of a locally run but nationally regulated system, Greene offers us a series of private or mutual banks, which issue precisely the same kind of non-interest credit to their members as in Kellogg's system.

It's important to remember just how active the debates on "usury" were in the period following the Panic of 1837. Greene would have been pushed in the direction of the abolition of interest proper by a variety of influences, both secular and religious. As for the origins of the mutual bank idea, Proudhon's Bank of the People is probably the most significant influence, and the one which continued to influence mutualists and individualist anarchists. (Through texts such as Henry Cohen's Proudhon's Solution of the Social Problem.) And the precedents for nearly all the contenders are the land banks of the 17th and 18th centuries. Greene did indeed steal a bit from Kellogg, but the issue of nominal interest looks like the practical goal of many of the mutual banks.

After presenting a summary of Proudhon's Mutual Bank, Greene mildly raises some objections, mostly concerning how Mutual Banks might be regulated against various abuses. He might also have asked, but does not, what is to prevent mutual banks, once they have achieved control of the currency, in the absence of any state control, from raising interest rates and reintroducing usury?

This seems to involve some misunderstanding of the nature of the mutual bank. What motive would members of the mutual banks have for raising interest rates on themselves? Greene takes pains to make it clear that the nominal user fee associated with the monetization of mortgaged goods in not, properly speaking, interest, and that there is no separation of interests in the mutual bank between the "lenders" and "borrowers," as they are the same group. The commitment to anarchist (more properly and less anarchronistically mutualist) principles is not just a prejudice here. Greene attempts to avoid the issue of representation, by which a real or apparent separation of interests might arise within a state banking system, and to establish the mutual banks as voluntary counter-institutions.
Kellogg, by contrast, envisions a system of non-interest public credit and currencyestablished by law and administered locally. It is a public or state run operation, accountable to a presumably democratically responsible government. Usury would be prohibited by law.
Greene's sections on "The Usury Laws" deals with the problems of such legal prohibition. I've also posted a William Cullen Bryant essay on the same topic. It was precisely the efficacy of such prohibitions that was the subject of so much debate in the period when Greene and Kellogg were both active. More than just a commitment to mutualism is at stake in Greene's position.

I want to thank Adrian for his comments, and hope we can pursue some of these questions in more depth.

Tuesday, July 11, 2006

Joshua King Ingalls: Work and Wealth, 1878

While I was looking through The Radical Review yesterday (looking for a Francis Abbot contribution that James Martin mentions, but which does not actually seem to exist), I ran across Joshua King Ingalls' Work and Wealth, which I hadn't looked at in some time. The Radical Review is something of a gold mine, and one which Benjamin Tucker himself mined for pamphlet material. Work and Wealth was one of the essays that Tucker published separately (in 1881). There is still a good deal of work to be done on Ingalls, who made the familiar journey from clergyman to labor and land reformer, and was involved in a wide variety of activities during his long life, but we can now count Work and Wealth (pdf) among those works now freely available. Enjoy!

Monday, July 10, 2006

Benjamin Tucker enters the fray

On January 5, 1873, 18-year-old Benjamin R. Tucker sent a letter to Francis Abbot, the editor of The Index, the journal of the Free Religious Association. In it, he took Abbot to task for the following remarks:

"Usury laws, in especial, which sometimes work great detriment to the business interests of whole communities, are in fact based upon the Bible conception that it is a crime to take interest for money loaned; although the common sense of mankind reject the notion in fact."

The free religionists were engaged in one of a series of attempts to reconstruct religion on rational grounds, specifically to "step beyond" Christianity. Abbot intended to plot "the way out of agnosticism" (as he titled one of his later works), but there seems to have been little agreement about the precise goals of the movement. Sometimes they sound like fairly conventional Christians, and at others they sound like fairly conventional atheists, though "theist" (without further clarification) seems to have been a favorite self-identification. Tucker would have known some of the free religionists through reform circles, and through William B. Greene (who seems to have been more radical in his rethinking of Christianity without anywhere near so much huffing and puffing), and others because New Bedford was something of a free religionist hotbed. Some of the figures associated with the movement, such as John Weiss and some of the other writers for The Radical, were individuals of considerable talent. When Tucker makes The Index the target of so many barbs in the early issues of Liberty, it is largely because those figures seem to have been replaced by lesser lights. In fact, despite the heat between Tucker and Abbot in this particular conversation, the pages of Tucker's Radical Review, published just a few years later, are full of Index regulars.

Tucker's letter sparked a debate that ran for most of 1873, and now you can read it in pdf form. It's fun to see a young Tucker stepping into deep water. It's also interesting to see other familiar names from the history of individualist anarchism surface here: Josiah Warren, Charles Thomas Fowler, Edwin C. Walker.

I hope to compile similar threads for other volumes of The Index, and am toying with the possibility of doing something similar with articles from Liberty. Let me know if this stuff is useful, as it is much more labor-intensive than many of the scanning projects.

Mutualist Show and Tell

Wm. B. Greene
2d. Lieut. 7th U.S. Infy. [1840]

Here's the autograph of William Batchelder Greene during his first period of service in the U.S. Army, during the Second Seminole War. This was an auction find, and a pleasantly inexpensive one. The dealer informs me that he purchased this as part of a collection in the town where I'm currently living. It is truly a small world.

Thursday, July 06, 2006

William B. Greene's 1870 "Mutual Banking"

I've been spending more time scanning and proofing than posting lately. The most important result of that is that William Batchelder Greene's 1870 Mutual Banking, Showing The Radical Deficiencies Of The Existing Circulating Medium, And The Advantages Of A Free Currency is now available in pdf form. This was the last edition of the mutual banking work that was issued during Greene's lifetime, and is the clearest statement of the practical elements of Greene's doctrine. All of the 20th-century editions of Mutual Banking have been derived from this edition, but all of these have been edited, so that the complete 1870 edition has been very difficult for most readers to access.

Once more into the publishing history: Greene wrote a series of articles for the Worcester Palladium in 1849. These, or some of these, were incorporated into Equality, which appeared the same year, and which was continued in Mutual Banking in 1850. These works were written while Greene was the pastor of a Unitarian church in western Massachusetts, and reflect both his occupational concerns and the monetary concerns of his parishioners, who still felt the effects of the Panic of 1837, and who still remembered the crises and scandals associated with the payment of Revolutionary War soldiers. Brookfield, where Greene was pastor, was Daniel Shays' hometown. These early works also show the influence of the French 48ers, such as Proudhon and Pierre Leroux. Greene had been introduced to these figures through his father, Nathaniel Greene, who had translated a volume of Lammenais, through Orestes Brownson, who was a family friend and early mentor, and through the foreign bookstore and lending library of Elizabeth Palmer Peabody, who had championed Greene in transcendentalist circles. In the 1840s, Greene is engaged in a really remarkable attempt at synthesizing Baptist and Unitarian elements of Christian theology with these French influences, and with American economic writings, such as those of Edward Kellogg and William Beck. That complex synthesis makes for fascinating reading, if you can follow the twists and turns. It undoubtedly also left many readers baffled about what precisely the point of the whole matter was. In 1857, when financial panic once again struck the U.S., Greene was living in France, but he took the occasion to pare the two volumes down into one more coherent work, released as The Radical Deficiency Of The Existing Circulating Medium, And The Advantages Of A Mutual Currency. The 1870 Mutual Banking is a slight revision of that work, issued to support the work of the New England Labor Reform League. There are reasons to suspect that Greene had little to do with the publication, beyond cleaning up the text one more time. The shift in the title from "mutual currency" to "free currency," and the connection (in Ezra Heywood's Preface) of mutual banking with greenbackism both seem to reflect Heywood's approach more than Greene's. Advertisements in The Word offered Mutual Banking together with works by Warren, Ingalls, Kellogg, and Spooner—implying more agreement between those figures than the debates in the pages of the paper demonstrated. I've found no evidence that Greene shared any of Heywood's enthusiasm for the National Labor Union's "greenback doctrine." But, as the Address of the Internationals shows, Greene and Heywood did share a sense of the connections between workers' struggles. (Kevin Carson has posted an interesting commentary on the Address. Check it out.) We know that, at this time, Greene was still hard at work pursuing his old preoccupations with the "doctrine of life" and "universal history," but he no longer had an appropriate pulpit for much of that material, and he appears to have been willing to lend his mutual bank writings to younger allies, despite some significant differences in approach.

In any event, Greene's final revision (not including a few notes added in the Fragments) is the most coherent edition of the work, and it was the edition reprinted by both Benjamin R. Tucker and Henry Cohen, after his death, as they pursued the next stage of the mutual bank agitation. The bibliographic details are still a bit uncertain, but it appears that Cohen published multiple editions of Mutual Banking, starting in 1895. (The editions of the Anti-Interest League and those by E. H. Fulton appear to be versions of the Cohen edition. I would be interested in details of these editions from anyone who has, or has access, to them. An edition with the title Mutual Banking. A Simple Plan To Abolish Interest On Money. [Columbus Junction, IA: E H Fulton, 1895] remains elusive, if it is not ultimately spectral.) This edition included a new introduction and several new footnotes. From Cohen's edition spring all 20th-century editions. Cohen was also the editor of Proudhon's Solution of the Social Problem (1927), which included Charles A. Dana's Proudhon and His Bank of the People, selections from Proudhon's works (pdf and bibliographic details here), and an edited version of his own edition of Mutual Banking. It was this edition which formed the basis for the familiar Modern Publisher's/Gordon Press edition.

I've posted a second pdf of the 1870 edition, with the passages included in Cohen's edition highlighted, so that it's easy to see what you've been missing. My Introduction to that text includes a few more publication details, for those of you who haven't already been overwhelmed.