The paper deals with some ambiguities in Twardowski's account of ethics. The author focuses on finding more accurate interpretation of Twardowski's views on values. In his attempt at fulfilling the task author quotes and later comments on some ways of understanding Twardowski's views. His major concern is with answering the question whether Twardowski finds value (good) a specific feature of an object, or rather its mode of being. He also considers the consequences of Twardowski's standpoint about the kind of feature the value represents. According to the author most difficulties in Twardowski's conception have been interestingly resolved by Tadeusz Czezowski, whom he finds the most original successor of Twardowski's beliefs, especially on objectivity of good, philosophical independence from religions etc.