Proudhon’s Bank. [Liberty, September 20, 1884.] While the principle of equal representation of all available values by the notes of the Exchange Bank is what I have advocated these thirty years, I do not perceive how, in generalizing the system, as Proudhon would do (I refer to the paragraphs translated by Greene), we are to avoid the chances of forgery on the one side, and on the other of fraudulent issues by the officers of the Bank.(95 ¶ 1) Such a Bank, moreover, is equivalent to a general insurance policy on the property of a country, and the true value of its notes must depend on security against conflagrations and other catastrophes affecting real estate as well as personal property.