We regard the dream thoughts and the dream content as two representations of the same meaning in two different languages; or to express it better, the dream content appears to us as a translation of the dream thoughts into another form of expression, whose signs and laws of composition we are to learn by comparing the original with the translation. The dream thoughts are at once intelligible to us as soon as we have ascertained them. The dream content is, as it were, presented in a picture-writing, whose signs are to be translated one by one into the language of the dream thoughts. It would of course be incorrect to try to read these signs according to their values as pictures instead of according to their significance as signs. For instance, I have before me a picture-puzzle (rebus): a house, upon whose roof there is a boat; then a running figure whose head has been apostrophised away, and the like. I might now be tempted as a critic to consider this composition and its elements nonsensical. A boat does not belong on the roof of a house and a person without a head cannot run; the person, too, is larger than the house, and if the whole thing is to represent a landscape, the single letters of the alphabet do not fit into it, for of course they do not occur in pure nature. A correct judgment of the picture-puzzle results only if I make no such objections to the whole and its parts, but if, on the contrary, I take pains to replace each picture by the syllable or word which it is capable of representing by means of any sort of reference, the words which are thus brought together are no longer meaningless, but may constitute a most beautiful and sensible expression. Now the dream is a picture-puzzle of this sort, and our predecessors in the field of dream interpretation have made the mistake of judging the rebus as an artistic composition. As such it appears nonsensical and worthless. (_a_) _The Condensation Work_