"Bob Dylan's Dream" was based on the melody of the traditional "Lady Franklin's Lament", in which the title character dreams of finding her husband, Arctic explorer Sir John Franklin, alive and well. (Sir John Franklin had vanished on an expedition searching for the North West Passage in 1845; a stone cairn on King William Island detailing his demise was found by a later expedition in 1859.) Todd Harvey points out that Dylan transforms the song into a personal journey, yet he retains both the theme and the mood of the original ballad. The world outside is depicted as stormy and harsh, and Dylan's most fervent wish, like Lady Franklin's, is to be reunited with departed companions and to relive the fond memories they represent.