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The relationship between psychoanalysis and linguistic structuralism as hermeneutic systems is discussed. The author takes as his point of departure Kuper and Stone's structuralist interpretation of Freud's dream of Irma's injection. This interpretation purports to be superior to Freudian dream analysis. The paper argues against the structuralist approach by means of a careful critique of Kuper and Stone's work. Van Velzen concludes that psychoanalytic hermeneutics, corroborated by historical evidence, is superior.