Beginning in Grundgesetze §53, Frege presents proofs of a set of theorems known to encompass the Peano-Dedekind axioms for arithmetic. The initial part of Frege’s deductive development of arithmetic, to theorems (32) and (49), contains fully formal proofs that had merely been sketched out in Grundlagen. Theorems (32) and (49) are significant because they are the right-to-left and left-to-right directions respectively of what we call today “Hume’s Principle” (HP). The core observation that we explore is that in Grundgesetze, Frege does not prove Hume’s Principle, not at least if we take HP to be the principle he introduces, and then rejects, as a definition of number in Grundlagen. In order better to understand why Frege never considers HP as a biconditional principle in Grundgesetze, we explicate the theorems Frege actually proves in that work, clarify their conceptual and logical status within the overall derivation of arithmetic, and ask how the definitional content that Frege intuited in Hume’s Principle is reconstructed by the theorems that Frege does prove.