Full Idea
Denoting phrases never have any meaning in themselves, but every proposition in whose verbal expression they occur has a meaning.
Clarification
'Denoting' is the same as reference
Gist of Idea
Denoting phrases are meaningless, but guarantee meaning for propositions
Source
Bertrand Russell (On Denoting [1905], p.43)
Book Reference
Russell,Bertrand: 'Logic and Knowledge', ed/tr. Marsh,Robert Charles [Routledge 1956], p.43
A Reaction
This is the important idea that the sentence is the basic unit of meaning, rather than the word. I'm not convinced that this dispute needs to be settled. Words are pretty pointless outside of propositions, and propositions are impossible without words.