Russell's theory of memory as acquaintance with the past seems to square uneasily with his definition of acquaintance as the converse of the relation of presentation of an object to a subject. We show how the two views can be made to cohere under a suitable construal of 'presentation', which has the additional appeal of bringing Russell's theory of memory closer to contemporary views on direct reference and object-dependent thinking than is usually acknowledged. The drawback is that memory as acquaintance with the past falls short of fulfilling Russell's requirement that knowledge by acquaintance be discriminating knowledge - a shortcoming shared by contemporary externalist accounts of knowledge from memory.