I think that we have here a clue to a vital point for our theory. We need not expect to find the major part of the explanation of any of these social values in the conscious emotions of those who are moved by them. In the case of the orange or the heroic act, we are, indeed, close to pretty simple human feelings and desires. In general, in the case of moral values, the individual emotion and the social value are _qualitatively_ comparable, since moral values rarely take on a highly institutional character. They are more free from class or institutional control than other social values. This need not be true. Thus, the plantation negro need not feel any personal shame in the moral delinquency which he none the less hides from the "white folks" whose values he must more or less conform to. But, on the whole, moral values are much more "participation values,"[33] shared by the whole group in common, than are economic values or legal values. When we pass beyond the simple case of a consumption good, and get into the realm of the more institutional economic values, we lose all guidance from the clue of satisfactions in consumption. Just what emotion, for example, is appropriate in the presence of the four and a half per cent convertible bond of the Chesapeake and Ohio Railway Co.? If it be answered that ultimately that bond represents satisfactions in consumption, since the owner of it may spend the income for consumers' goods, or since the railroad in question carries coal which goes to Italy to be used in a cruiser which will sink an Austrian warship, thereby giving consumers' satisfactions to individuals in Italy, so that the value of the bond is ultimately reducible to specific satisfactions of given individuals, we may still hold that those satisfactions do not constitute the value of the bond, as such. Moreover, the same is true of the legal values. Ultimately, very specific human emotions are affected by the rule of the _corpus delicti_, or the rule governing pleas in _estoppel_. Both in legal and in economic values we have an elaborate and complex system of social psychological character, which can by no means be reduced to elementary desires or feelings of individuals, even though when the whole story is told, no part of the system will be found outside the minds of individual men. The point has been well put by Professor C. H. Cooley: "It would be as reasonable to attempt to explain the theology of St. Thomas Aquinas, or the _Institutes_ of Calvin, by the immediate working of religious instinct as to explain the market values of the present time by the immediate working of natural wants."[34] I think that any attempt to differentiate the various kinds of social value on the basis of the type of emotion in the minds of those who have most immediately to do with them, or to explain them primarily by those emotions, is foredoomed. The law does not get its power from the emotion