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From: Webster's Revised Unabridged Dictionary (1913)

 De·pre·ci·ate v. t. [imp. & p. p. Depreciated p. pr. & vb. n. Depreciating ]  To lessen in price or estimated value; to lower the worth of; to represent as of little value or claim to esteem; to undervalue.
    Which . . . some over-severe philosophers may look upon fastidiously, or undervalue and depreciate.   --Cudworth.
    To prove that the Americans ought not to be free, we are obliged to depreciate the value of freedom itself.   --Burke.
 Syn: -- To decry; disparage; traduce; lower; detract; underrate. See Decry.