ἔχειν φιλοτιμίαν, “does honour to his enterprise.” φιλοτιμία is properly an emulous seeking after distinction, but here the second factor in the word is used twice, as though it were τιμὴν ὑπὲρ φιλοτιμίας. It is never merely “honour,” as taken by editors here and elsewhere, but honour for showing public spirit or the like.
οὐχὶ καλῶς πεπρᾶχθαι. Some such word as αἰσχύνην was expected to finish the sentence after ἡμῖν δ̓, but Demosthenes changes it to a vaguer phrase which does not follow ἔχειν at all, but δοκεῖ. “While to us—it is a record of failure.”
ὑπὲρ τὴν ἀξίαν, “beyond what he deserves.” Cf. i. § 23.
κεχρῆσθε τοῖς πράγμασι. Cf. i. § 3.
αἰσχύνην ὠφλήκατε. Defines οὐχὶ καλῶς πεπρᾶχθαι above.
