The guests arrive for the party, and it soon turns into a very sociable equation.
The Yankee asks Dowley, a successful local blacksmith, to tell them about his history.
Dowley talks about a poor childhood and his apprenticeship at the hands of a blacksmith; he and his friends soon take to bragging about their success and wealth. Full marks to the Yankee for not giggling about it.
Oh wait—he's got a better way to humiliate the blacksmith. The Yankee asks for the bill for the party to be read—an enormous amount—then nonchalantly pays for it.