CHAPTER 1.

ON THE NATURE OF VALUE.

VALUE, in its ultimate sense, appears to mean
the esteem in which any object is held. It denotes,
 strictly speaking, an effect produced on the
mind ; but as we are accustomed in other cases
to give a common name to a feeling and to
the cause which has excited it, and to blend
them together in our thoughts, so in this case
we regard value as a quality of external objects.
 Colour and fragrance, for example, are
words which designate both the cause and the
effect, both the material quality which produces
the feeling in the mind, and the feeling produced.
 The philosopher, however, is the only
one who discerns the distinction, and colour
and fragrance are never thought of by the ge-