Objection 1. It seems that magnanimity is not about honors. For magnanimity is in the irascible faculty, as its very name shows, since "magnanimity" signifies greatness of mind, and "mind" denotes the irascible part, as appears from De Anima iii, 42, where the Philosopher says that "in the sensitive appetite are desire and mind," i.e. the concupiscible and irascible parts. But honor is a concupiscible good since it is the reward of virtue. Therefore it seems that magnanimity is not about honors.
Objection 2. Further, since magnanimity is a moral virtue, it must needs be about either passions or operations. Now it is not about operations, for then it would be a part of justice: whence it follows that it is about passions. But honor is not a passion. Therefore magnanimity is not about honors.
Objection 3. Further, the nature of magnanimity seems to regard pursuit rather than avoidance, for a man is said to be magnanimous because he tends to great things. But the virtuous are praised not for desiring honors, but for shunning them. Therefore magnanimity is not about honors.
On the contrary, The Philosopher says (Ethic. iv, 3) that "magnanimity is about honor and dishonor."
I answer that, Magnanimity by its very name denotes stretching forth of the mind to great things. Now virtue bears a relationship to two things, first to the matter about which is the field of its activity, secondly to its proper act, which consists in the right use of such matter. And since a virtuous habit is denominated chiefly from its act, a man is said to be magnanimous chiefly because he is minded to do some great act. Now an act may be called great in two ways: in one way proportionately, in another absolutely. An act may be called great proportionately, even if it consist in the use of some small or ordinary thing, if, for instance, one make a very good use of it: but an act is simply and absolutely great when it consists in the best use of the greatest thing.
The things which come into man's use are external things, and among these honor is the greatest simply, both because it is the most akin to virtue, since it is an attestation to a person's virtue, as stated above (103, 1 and 2); and because it is offered to God and to the best; and again because, in order to obtain honor even as to avoid shame, men set aside all other things. Now a man is said to be magnanimous in respect of things that are great absolutely and simply, just as a man is said to be brave in respect of things that are difficult simply. It follows therefore that magnanimity is about honors.
Reply to Objection 1. Good and evil absolutely considered regard the concupiscible faculty, but in so far as the aspect of difficult is added, they belong to the irascible. Thus it is that magnanimity regards honor, inasmuch, to wit, as honor has the aspect of something great or difficult.
Reply to Objection 2. Although honor is neither a passion nor an operation, yet it is the object of a passion, namely hope, which tends to a difficult good. Wherefore magnanimity is immediately about the passions of hope, and mediately about honor as the object of hope: even so, we have stated (123, 4,5) with regard to fortitude that it is about dangers of death in so far as they are the object of fear and daring.
Reply to Objection 3. Those are worthy of praise who despise riches in such a way as to do nothing unbecoming in order to obtain them, nor have too great a desire for them. If, however, one were to despise honors so as not to care to do what is worthy of honor, this would be deserving of blame. Accordingly magnanimity is about honors in the sense that a man strives to do what is deserving of honor, yet not so as to think much of the honor accorded by man.
Source: Summa Theologica (New Advent)