HAPPINESS, n. An agreeable sensation arising from contemplating the misery of another.
 Ambrose Bierce, The Devil's Dictionary (1911). copy citation

Context

“In some of the American States his functions are now performed by an electrician, as in New Jersey, where executions by electricity have recently been ordered—the first instance known to this lexicographer of anybody questioning the expediency of hanging Jerseymen.
HAPPINESS, n. An agreeable sensation arising from contemplating the misery of another.
HARANGUE, n. A speech by an opponent, who is known as an harangue-outang.
HARBOR, n. A place where ships taking shelter from stores are exposed to the fury of the customs.
HARMONISTS, n. A sect of Protestants, now extinct, who came from Europe in the beginning of the last century and were distinguished for the bitterness of their internal controversies and dissensions.” source

Meaning and analysis

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