On a time it came to pass, that Owlglass entered into an inn, and there found the hostess quite alone. And this hostess had a little dog, of the which she was greatly enamoured; and ever mote it be, that, when she had nought to do, this dog must lie in her lap. And Owlglass stood by the fire, and drank from the beer-can. Now it was the custom with that hostess, that when she drank beer, she did always, in a small dish, give thereof unto the dog. So when that Owlglass drank, the dog arose, and came unto him, and would, by leaps and look, have entreated him for some beer. That saw the hostess, and she said unto Owlglass: “Behold, beloved guest, do thou give him to drink in the dish of thy beer for so would he signify unto thee.” And Owlglass said unto her: “That will I do cheerfully.” Then departed the hostess to perform whatever business she had about the house; and Owlglass gave him to drink in the dish, and therein put likewise a little piece of meat; and when that the dog had eaten thereof, goeth he to the fire and lieth sleeping thereby. Then said Owlglass unto the hostess: “Let us now reckon our charges.” And he asked her: “Good, my hostess, if that a guest eat of thy meat and drink of thy beer, yet hath not any coin, would ye also unto such an one give credit?” Then thought the woman not of the dog, but had great suspicion of his own worthy person (the which, as ye know, my masters, was most unjust!); therefore she answered quickly unto him: “Master traveller, here must I have money, or a pledge in place thereof.” And Owlglass said unto her: “Truly am I right content therewith for mine own part; let the other look to it for his.”

Then departed the hostess again, and Owlglass took the dog beneath his cloak, and went into the stable, and there took he his skin off, and entered again into the house, carrying it privily beneath his coat. Then called he the hostess again, and took out his money, and said: “Lo! let us now reckon.” And the hostess reckoned up the charges. Then did Owlglass lay down half the reckoning upon the table, and said: “There have ye my part.” And the hostess asked of him: “Who then shall pay the rest? Have ye not eaten and drank alone in my house?” But he said unto her: “Nay, but I had another with me, who ate of thy meat and drank of thy beer. Yet hath he no money, but a pledge can he give thee, the which is his coat; and therewith will he pay the other half.” And the hostess said: “What guest mean ye?” Then Owlglass drew forth the dog’s skin, and spake unto her saying: “Behold, mine hostess, here have ye the best coat that he hath.” Then was the hostess moved, and saw that it was the skin of her dog; and she waxed wroth, and said unto Owlglass: “May the evil thing be upon ye ever! Wherefore didst thou take the skin from off my dog?” And Owlglass answered her, and said: “Woman, this is thine own fault, for thou didst demand either money or a pledge. And thou thyself didst desire that thy dog should drink, and I said unto ye the guest had no money; and thus, as he had nought else to give ye, take ye now his skin for the beer the which he drank.” Then waxed the hostess yet more wroth, and commanded and enjoined him to go out of her house. “Nay,” quoth Owlglass, “out of thy house will I not go, but ride.” And therewith did he saddle his horse, and rode forth, and said unto her: “Hostess, do thou keep the pledge until that thou dost receive the money; and once again will I visit thee, to see if that thou hast had it redeemed. Farewell.”