Value

The utility of an object. The worth of an object in purchasing other goods. The first may be called value in use; the latter, value in exchange. When applied without qualification to property of any description, necessarily means the price which it will command in the market; Fox v. Phelps, 17 Wend. (N. Y.) 399. In an indictment, it has been held to be a synonym of “effect” or “import.”

Chidester v. State, 25 Ohio St. 438.

Value differs from price, q. v. The latter is applied to live cattle and animals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price: and in a declaration for taking dead chattels, or those which never had life, it ought to lay them to fie of such a value; 2 Lilly, Abr. 629.

See Lawrence v. Boston, 119 Mass. 126.

It is also distinguished from income when applied to property; Troy I. & N. Factory v. Corning, 45 Barb. (N. Y.) 247. As used in reference to lands taken under eminent domain, it is a relative term, depending on the circumstances. Salable value, actual value, and cash value all mean the same thing and are designed to effect the same purpose; Burr. Tax. 227.

See Cummings v. Bank, 101 U. S. 162, 25 L. Ed. 903.

See Intrinsic Value. Upon the question of the value of an article evidence of its original cost is rele-