This paper examines a lasting tension in pragmatism between broadly functionalist outlooks on meaning and a primacy placed on what can be revealed by direct experiential or practical encounters. Both the inferentialist and experiential emphases can be traced back to Peirce’s original pragmatic maxim. Here the tension is examined first in William James’s insightful views on intentionality and experience, followed by a diagnosis of the problem as it has arisen in neo­pragmatist debates concerning the nature of perceptual knowledge in Rorty and Brandom and their critics. In the end the paper sketches the general form of a resolution of the tension that is consistent with both of these core emphases in the pragmatist tradition.