In Bertrand Russell's 1903 Principles of Mathematics, he offers an apparently devastating criticism of the neo-Kantian Hermann Cohen's Principle of the Infinitesimal Method and its History (PIM). Russell's criticism is motivated by his concern that Cohen's account of the foundations of calculus saddles mathematics with the paradoxes of the infinitesimal and continuum, and thus threatens the very idea of mathematical truth. This paper defends Cohen against that objection of Russell's, and argues that properly understood, Cohen's views of limits and infinitesimals do not entail the paradoxes of the infinitesimal and continuum. Essential to that defense is an interpretation, developed in the paper, of Cohen's positions in the PIM as deeply rationalist. The interest in developing this interpretation is not just that it reveals how Cohen's views in the PIM avoid the paradoxes of the infinitesimal and continuum. It also reveals some of what is at stake, both historically and philosophically, in Russell's criticism of Cohen.