It means their 'agreement', as falsity means their disagreement, with 'reality'. Pragmatists and intellectualists both accept this definition as a matter of course. They begin to quarrel only after the question is raised as to what may precisely be meant by the term 'agreement', and what by the term 'reality', when reality is taken as something for our ideas to agree with." Pragmatism, James clarifies, is not a new philosophy. He states that it instead focuses on discerning truth between contrasting schools of thought. “To understand truth, he argues, we must consider the pragmatic ‘cash-value’ of having true beliefs and the practical difference of having true ideas." By using the term ‘cash-value,’ James refers to the practical consequences that come from discerning the truth behind arguments, through the pragmatic method, that should yield no desirable answer. In such cases, the pragmatic method must “try to interpret each notion by tracing its respective practical consequences." William James uses an analogy of a squirrel on a tree to further explain the pragmatic method. James imagines a squirrel on a tree. If it clung to one side of the tree, and a person stood on the other, and as the person walked around the tree so too did the squirrel as to never be seen by the person, would the person rightly be walking around the squirrel? “’Depends on what you practically mean by ‘going round’ the squirrel. If you mean passing from the north of him to the east, then to the south, then to the west, then to the north of him again, obviously the man does go round him… but on the contrary if you mean being first in front of him, then behind him, then on his left, then finally in front again, it is quite obvious that the man fails to go round him." In such arguments, where no practical consequences can be found after making a distinction, the argument should be dropped. If, however, the argument was to yield one result which clearly holds greater consequences, then that side should be agreed upon solely for its intrinsic value. Although James never actually clarifies what “practical consequences” are, he does mention how the best way to find division between possible consequences is by first practically defining what each side of the argument means. In terms of James’s example, he says: “You are both right and both wrong according as you conceive the verb ‘to go round’ in one practical fashion or the other."