The two "cutthroats" as Jemmy calls them are none other than Hold-Your-Nose Billy and Cutwater, well-known murderers. The two no-gooders are hoping to find some gold in the boys' pockets but because a prince has no need to carry money and all of Jemmy's accounts are handled in paper there is no gold between the two of them. Immediately, Prince Brat tries to tell them that he is the prince and they should bow to him, but Jemmy quickly dismisses the bold boasts and says that his father is just a rat catcher, nothing more. Cutwater and Hold-Your-Nose Billy do take the basket that Prince Brat has as well as the horse.
Just as Hold-Your-Nose Billy is prepared to give directions to the river and release the two boys, Cutwater notices the king's crest.....
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