It is argued that Russell before 1905 saw no value in Frege's sense/reference distinction. This is clearest in the Mont Blanc correspondence. It is argued that Russell and Frege failed to engage because Frege lacked a grasp on the internal/external relations distinction. For Russell sense is either an external relation, objectionably separating out thought and reference, or an internal relation, so what is thought is altered such that we do not know what we are talking about. The novelty of the (...) present paper lies in the arrangement of the parts and the claim that Russellian propositions are not made up of the things themselves but of transparent representatives thereof. (shrink)