Noah Webster's New International Dictionary of the English Language

1. (n.) A benefit, advantage, or right not enjoyed by others or by all; special enjoyment of a good, or exemption from an evil or burden; a prerogative; advantage; franchise.

2. (n.) See etc.

3. (v. t.) To grant some particular right or exemption to; to invest with a peculiar right or immunity; to authorize; as, to privilege representatives from arrest.

4. (v. t.) To bring or put into a condition of privilege or exemption from evil or danger; to exempt; to deliver.