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Classical pragmatism has often been branded as being primarily a new theory of truth. Using F.C.S. Schiller's response to an article written by F.H. Bradley, I show that, in fact, a certain theory of thought is the essential point of pragmatism according to Schiller as well as John Dewey and William James. I go on to argue that without taking this theory of thought into account we cannot properly understand the British reception of classical pragmatism in the early 1900s. I illustrate the significance of this contention by criticizing the responses to pragmatism given by Bertrand Russell and G.E. Moore.