Music is one of the strongest inducers of emotion in humans. Melody, rhythm, and harmony provide the primary triggers, but what about timbre? Do the musical instruments have underlying emotional characters? For example, is the well-known melancholy sound of the English horn due to its timbre or to how composers use it? Though music emotion recognition has received a lot of attention, researchers have only recently begun considering the relationship between emotion and timbre. To this end, we devised a listening test to compare representative tones from eight different wind and string instruments. The goal was to determine if some tones were consistently perceived as being happier or sadder in pairwise comparisons. A total of eight emotions were tested in the study. The results showed strong underlying emotional characters for each instrument. The emotions Happy, Joyful, Heroic, and Comic were strongly correlated with one another. The violin, trumpet, and clarinet best represented these emotions. Sad and Depressed were also strongly correlated. These two emotions were best represented by the horn and flute. Scary was the emotional outlier of the group, while the oboe had the most emotionally neutral timbre. Also, we found that emotional judgment correlates significantly with average spectral centroid for the more distinctive emotions, including Happy, Joyful, Sad, Depressed, and Shy. These results can provide insights in orchestration, and lay the groundwork for future studies on emotion and timbre.