L. Frank Baum on Puns

From The Marvelous Land of Oz:

"...a joke derived from a play upon words is considered among educated people to be eminently proper."

"What does that mean?" enquired the Pumpkinhead, stupidly.

"It means, my dear friend," explained the Woggle-Bug, "that our language contains many words having a double meaning; and that to pronounce a joke that allows both meanings of a certain word, proves the joker a person of culture and refinement, who has, moreover, a thorough command of the language."

"I don't believe that," said Tip, plainly; "anybody can make a pun."

"Not so," rejoined the Woggle-Bug stiffly. "It requires education of a high order. Are you educated, young sir?"

"Not especially," admitted Tip.

"Then you cannot judge the matter. I myself am Thoroughly Educated, and I say that puns display genius. For instance, were I to ride upon this Saw-Horse, he would not only be an animal-he would become an equipage. For he would then be a horse-and-buggy."

At this the Scarecrow gave a gasp and the Tin Woodman stopped short and looked reproachfully at the Woggle-Bug. At the same time, the Saw-Horse loudly snorted his derision; and even the Pumpkinhead put up his hand to hide the smile which, because it was carved upon his face, he could not change to a frown.

But the Woggle-But strutted along as if he had made some brilliant remark, and the Scarecrow was obliged to say:

"I have heard, my dear friend, that a person can become over-educated; and although I have a high respect for brains, no matter how they may be arranged or classified, I begin to suspect that yours are slightly tangled. In any event, I must beg you to restrain your superior education while in our society."

"We are not very particular," added the Tin Woodman; "and we are exceedingly kind-hearted. But if your superior culture gets leaky again-" He did not complete the sentence, but he twirled his gleaming axe so carelessly that the Woggle-Bug looked frightened and shrank away to a safe distance.

The others marched on in silence, and the Highly-Magnified one, after a period of deep thought, said in a humble voice:

"I will endeavor to restrain myself."

"That is all we can expect," returned the Scarecrow, pleasantly; and good nature being thus happily restored to the party, they proceeded upon their way.

                                                                                    -L. Frank Baum, The Marvelous Land of Oz

Flowers for the Woggle-Bug for knowing what's what :]