Book Fourth proceeds with the examination of the Virtues or Ethical Excellences.

LIBERALITY [Greek:  eleutheristaes], in the matter of property, is the mean of Prodigality and Illiberality.  The right uses of money are spending and giving.  Liberality consists in giving willingly, from an honourable motive, to proper persons, in proper quantities, and at proper times; each individual case being measured by correct reason.  If such measure be not taken, or if the gift be not made willingly, it is not liberality.  The liberal man is often so free as to leave little to himself.  This virtue is one more frequent in the inheritors than in the makers of fortunes.  Liberality beyond one’s means is prodigality.  The liberal man will receive only from proper sources and in proper quantities.  Of the extremes, prodigality is more curable than illiberality.  The faults of prodigality are, that it must derive supplies from improper sources; that it gives to the wrong objects, and is usually accompanied with intemperance.  Illiberality is incurable:  it is confirmed by age, and is more congenial to men generally than prodigality.  Some of the illiberal fall short in giving—­those called stingy, close-fisted, and so on; but do not desire what belongs to other people.  Others are excessive in receiving from all sources; such are they that ply disreputable trades (I.).

MAGNIFICENCE [Greek:  megaloprepeia] is a grander kind of Liberality; its characteristic is greatness of expenditure, with suitableness to the person, the circumstances, and the purpose.  The magnificent man takes correct measure of each; he is in his way a man of Science [Greek:  ho de megaloprepaes epistaemoni eoike]—­II.  The motive must be honourable, the outlay unstinted, and the effect artistically splendid.  The service of the gods, hospitality to foreigners, public works, and gifts, are proper occasions.  Magnificence especially becomes the well-born and the illustrious.  The house of the magnificent man will be of suitable splendour; everything that he does will show taste and propriety.  The extremes, or corresponding defects of character, are, on the one side, vulgar, tasteless profusion, and on the other, meanness or pettiness, which for some paltry saving will spoil the effect of a great outlay (II.).

MAGNANIMITY, or HIGH-MINDEDNESS [Greek:  megalopsychia], loftiness of spirit, is the culmination of the virtues.  It is concerned with greatness.  The high-minded man is one that, being worthy, rates himself at his real worth, and neither more (which is vanity) nor less (which is littleness of mind).  Now, worth has reference to external goods, of which the greatest is honour.  The high-minded man must be in the highest degree honourable, for which he must be a good man; honour being the prize of virtue.  He will accept honour only from the good, and will despise dishonour, knowing it to be undeserved.  In all good or bad fortune, he will behave with moderation;