Morgan thought it wise to leave Panama as soon as possible, before a second heresy arose among his merry men. He had heard that the Governor of Panama was busily laying ambuscades "in the way by which he ought to pass at his return." He, therefore, picked out a strong company of men, including many of the mutineers, and sent them out into the woods to find out the truth of the matter. They found that the report was false, for a few Spanish prisoners, whom they captured, were able to tell them how the scheme had failed. The Governor, it was true, had planned to make "some opposition by the way," but none of the men remaining with him would consent to "undertake any such enterprize." With this news the troops marched back to Panama. While they were away, the poor prisoners made every effort to raise money for their ransoms, but many were unable to raise enough to satisfy their captors. Morgan had no wish to wait till they could gather more, for by this time, no doubt, he had satisfied himself that he had bled the country of all the gold it contained. Nor did he care to wait till the Spaniards had plucked up heart, and planted some musketeers along the banks of the Chagres. He had horses and mules enough to carry the enormous heaps of plunder to the river. It was plainly foolish to stay longer, for at any time a force might attack him (by sea) from Lima or (by land) from Porto Bello. He, therefore, gave the word for the army to prepare to march. He passed his last evening in Panama (as we suppose) with the female paragon from Taboga. The army had one last debauch over the punch-bowls round the camp fires, and then fell in to muster, thinking rapturously of the inns and brothels which waited for their custom at Port Royal.

"On the 24th of February, of the year 1671, Captain Morgan departed from the city of Panama, or rather from the place where the said city of Panama did stand; of the spoils whereof he carried with him one hundred and seventy-five beasts of carriage, laden with silver, gold and other precious things, besides six hundred prisoners more or less, between men, women, children and slaves." Thus they marched out of the ruined capital, over the green savannah, towards the river, where a halt was called to order the army for the march to Venta Cruz. A troop of picked marksmen was sent ahead to act as a scouting party; the rest of the company marched in hollow square, with the prisoners in the hollow. In this array they set forward towards Venta Cruz to the sound of drums and trumpets, amid "lamentations, cries, shrieks and doleful sighs" from the wretched women and children. Most of these poor creatures were fainting with thirst and hunger, for it had been Morgan's policy to starve them, in order "to excite them more earnestly to seek for money wherewith to ransom themselves." "Many of the women," says the narrative, "begged of Captain Morgan upon their knees, with infinite sighs and tears, he would permit them to return to Panama, there to live in company of their dear husbands and children, in little huts of straw which they would erect, seeing they had no houses until the rebuilding of the city. But his answer was: he came not thither to hear lamentations and cries, but rather to seek money. Therefore they ought to seek out for that in the first place, wherever it were to be had, and bring it to him, otherwise he would assuredly transport them all to such places whither they cared not to go." With this answer they had to remain content, as they lay in camp, under strict guard, on the banks of the Rio Grande.

Early the next morning, "when the march began," "those lamentable cries and shrieks were renewed, in so much as it would have caused compassion in the hardest heart to hear them. But Captain Morgan, a man little given to mercy, was not moved therewith in the least." They marched in the same order as before, but on this day, we read, the Spaniards "were punched and thrust in their backs and sides, with the blunt end of [the pirates'] arms, to make them march the faster." The "beautiful and virtuous lady" "was led prisoner by herself, between two Pirates," both of whom, no doubt, wished the other dear charmer away. She, poor lady, was crying out that she had asked two monks to fetch her ransom from a certain hiding-place. They had taken the money, she cried, according to her instruction, but they had used it to ransom certain "of their own and particular friends." This evil deed "was discovered by a slave, who brought a letter to the said lady." In time, her words were reported to Captain Morgan, who held a court of inquiry there and then, to probe into the truth of the matter. The monks made no denial of the fact, "though under some frivolous excuses, of having diverted the money but for a day or two, within which time they expected more sums to repay it." The reply angered Morgan into releasing the poor woman, "detaining the said religious men as prisoners in her place," and "using them according to the deserts of their incompassionate intrigues." Probably they were forced to run the gauntlet between two rows of pirates armed with withes of bejuco.

A day's hard marching brought them to the ruins of Venta Cruz, on the banks of the river, where the canoas lay waiting for them under a merry boat guard. The army rested at Venta Cruz for three days, while maize and rice were collected for the victualling of the boats. Many prisoners succeeded in raising their ransoms during this three days' halt. Those who failed, were carried down the river to San Lorenzo. On the 5th of March the plunder was safely shipped, the army went aboard the canoas, the prisoners (including some from Venta Cruz) were thrust into the bottoms of the boats, and the homeward voyage began. The two monks who had embezzled the lady's money escaped translation at this time, being ransomed by their friends before the sailing of the fleet. The canoas dropped down the river swiftly, with songs and cheers from the pirates, till they came to some opening in the woods, half way across the isthmus, where the banks were free enough from brush to allow them to camp. Here they mustered in order, as though for a review, each man in his place with his sword and firelock. Here Captain Morgan caused each man to raise his right hand, and to swear solemnly that he had concealed nothing privately, "even not so much as the value of sixpence." Captain Morgan, a Welshman by birth, "having had some experience that those lewd fellows would not much stickle to swear falsely in points of interest, commanded every one to be searched very strictly, both in their clothes and satchels and everywhere it might be presumed they had reserved anything. Yea, to the intent this order might not be ill-taken by his companions, he permitted himself to be searched, even to the very soles of his shoes." One man out of each company was chosen to act as searcher to his fellows, and a very strict search was made. "The French Pirates were not well satisfied with this new custom of searching," but there were not very many of them, and "they were forced to submit to it." When the search was over, they re-embarked, and soon afterwards the current caught them, and spun them down swiftly to the lion-like rock at the river's mouth. They came safely to moorings below San Lorenzo on the 9th of March. They found that most of the wounded they had left there had died of fever, but the rest of the garrison was in good case, having "exercised piracy" with profit all the time the army had been plundering. There was "joy, and a full punch-bowl," in the castle rooms that night.

Morgan now sent his Santa Katalina prisoners to Porto Bello in "a great boat," demanding a ransom for Chagres castle, "threatening otherwise" to blast it to pieces. "Those of Porto Bello," who needed all their money to repair their own walls, replied that "They would not give one farthing towards the ransom of the said castle, and that the English might do with it as they pleased"—a sufficiently bold answer, which sealed the fate of San Lorenzo. When the answer came, the men were again mustered, and "the dividend was made of all the spoil they had purchased in that voyage." Each man received his due share, "or rather what part thereof Captain Morgan was pleased to give." There was general dissatisfaction with "his proceedings in this particular," and many shaggy ruffians "feared not to tell him openly" that he had "reserved the best jewels to himself." They "judged it impossible" that the share per man should be but a paltry 200 pieces of eight, or £50, after "so many valuable booties and robberies." Why, they said, it is less than we won at Porto Bello. Many swore fiercely that, if they had known how small the booty was to prove, they would have seen Henry Morgan in gaol before they 'listed. Why they did not tear him piecemeal, and heave him into the sea, must remain a mystery. They contented themselves with damning him to his face for a rogue and a thief, at the same time praying that a red-hot hell might be his everlasting portion. "But Captain Morgan," says the narrative, "was deaf to all these, and many other complaints of this kind, having designed in his mind to cheat them of as much as he could."

Deaf though he was, and callous, he had a fine regard for his own skin. The oaths and curses which were shouted after him as he walked in the castle made him "to fear the consequence thereof." He "thought it unsafe to remain any longer time at Chagre," so he planned a master stroke to defeat his enemies. The castle guns were dismounted, and hoisted aboard his flagship. The castle walls were then blasted into pieces, the lower batteries thrown down, and the houses burnt. When these things had been done "he went secretly on board his own ship, without giving any notice of his departure to his companions, nor calling any council, as he used to do. Thus he set sail, and put out to sea, not bidding anybody adieu, being only followed by three or four vessels of the fleet." The captains of these ships, it was believed, had shared with him in the concealed plunder.

There was great fury among the buccaneers when Morgan's escape was known. The French pirates were for putting to sea in pursuit, to blow his ships out of the water, but Morgan had been sufficiently astute to escape in the provision ships. The pirates left behind had not food enough to stock their ships, and could not put to sea till more had been gathered. While they cursed and raged at Chagres, Morgan sailed slowly to Port Royal, where he furled his sails, and dropped anchor, after a highly profitable cruise. The Governor received his percentage of the profits, and Morgan at once began to levy recruits for the settling of Santa Katalina.

As for his men, they stayed for some days in considerable misery at San Lorenzo. They then set sail in companies, some for one place, some for another, hoping to find food enough to bring them home. Some went to the eastward, raiding the coast for food, and snapping up small coasting vessels. Some went to the bay of Campeachy to cut logwood and to drink rum punch. Others went along the Costa Rican coast to find turtle to salt for victuals, and to careen their barnacled and wormy ships. One strong company went to Cuba, where they sacked the Town of the Keys, and won a good booty. Most of them came home, in time, but to those who returned that home-coming was bitter.