Liberality, n.; pl. Liberalities.
Etymology: [L. liberalitas: cf. F. libéralité.]
1. The quality or state of being liberal; liberal disposition or practice; freedom from narrowness or prejudice; generosity; candor; charity. That liberality is but cast away Which makes us borrow what we can not pay. Denham.
2. A gift; a gratuity; -- sometimes in the plural; as, a prudent man is not impoverished by his liberalities.
Shades of meaning
Fernald has no entry of its own for liberality; he lists it under benevolence.
Where he writes about it:
Liberality indicates broad, genial kindly views, whether manifested in gifts or otherwise. — from benevolence
We speak of the bounty of a generous host, the liberality or munificence of the founder of a college, or of the liberality of a theologian toward the holders of conflicting beliefs. — from benevolence