Nietzsche wants to create a moral system of values which transcends the conventional understanding of what is good and evil. The noble individual determines what is good or evil or moral or immoral. Whatever the noble individual does is moral, according to Nietzsche's moral theory or value system. The noble individual who creates his own morality and his own values owes nothing to the slave class. He owes something only to his own master class:
A morality of the ruling class . . . is more especially foreign and irritating to present-day taste in the sternness of its principle that one has duties only to one's equals; that one may act towards beings of a lower rank, towards all that is foreign, just as seems good to one, or "as the heart desires," and in any case "beyond good and evil" (48).
Morality, then, to the ruling or master class which Nietzsche honors in his essay, is whatever that class determines it to be by the actions of the members of that class. In other words, whatever the master/ruling class does is by its very nature "moral" and "noble." They are obeying the essential force in life, the will to power, while the slave class denies life and is therefore immoral and ignoble.
According to slave-morality, therefore, the "evil" man arouses fear; according to master-morality, it is precisely the "good" man who arouses fear and seeks to arouse it, while the bad man is regarded as the despicable being (48).