2,

ON THE NATURE

nerality of men, but as qualities of external
objects.

It is precisely in the same way, that value is
regarded as a quality belonging to the objects
around us. We lose sight of the feeling of the
mind, and consider only the power which the
object possesses of exciting it, as something
external and independent.

It is not, however, a simple feeling of esteem,
to which the name of value, as used by the po-
litical economist, can be given. When we con-
sider objects in themselves, without reference
to each other; the emotion of pleasure or sa-
tisfaction, with which we regard their utility or
beauty, can scarcely take the appellation of
value. It is only when objects are considered
together as subjects of preference or exchange,
that the specific feeling of value can arise.
When they are so considered, our esteem for
one object, or our wish to possess it, may be
equal to, er greater, or less than our esteem for
another: it may, for instance, be doubly as
great, or, in other words, we would give one