I will contend that Quine's optimism about the theory of reference is incompatible with his pessimism about the theory of meaning. For, on Quine's own account, the problems that discourage him about the theory of meaning beset the theory of reference as well. And of the three arguments Quine advances to show the theory of reference better off than the theory of meaning, two are unsound and the third is in conflict with his further views on reference.