_. RET RR 12 NATURE OF CAPITAL AND INCOME [Cuae. I guess as to what price the article would or should fetch. Appraising or guessing at prices is often very difficult in practice. It is necessarily employed, however, by the government in assessing taxes and customs and condemning land ; by insurance companies in settling claims and adjusting losses; by merchants in making up inventories and other statements; and by statisticians and others. In fact, some people make a living by simply appraising wealth on which, for one purpose or another, a price of some sort must be set. Evidently, the purpose makes a great difference in the appraisal. Sometimes we need to know the price for which an article could be sold at an immediate forced sale; sometimes, what it might be expected to bring if a reasonable time were allowed ; sometimes, what the owner would probably take; sometimes, what a possible purchaser would probably give. These appraised prices may all be different. A family portrait may be worth an untold amount to the owner, but might bring next to nothing if actually sold. The owner would endeavor to appraise it at a high figure if he wished to insure it against fire; but if he wished to borrow money on it, the appraisement would doubtless be small, for the pawnbroker would consider it almost worthless. : Thus, in practically making an appraisement we encounter many difficulties, owing partly to the unknown character and condition of the parties involved, and partly to the variety of interests to be served by the appraisal. But whatever the difficulties and ambiguities in ascertaining a price or prices for any article, the price or prices do actually exist without ambiguity. The vagueness comes wholly from failure to specify sufficiently the conditions under which the exchange is to take place. If we specify in sufficient detail the conditions of the contemplated exchange, its terms will be quite definite ; but whether or not we can guess at those terms correctly is quite another matter.