The scuttlebutt among the crew is that we're sailin' for buried treasure and someone on board has a map.
10 seconds sound clip from the Muppet Treasure Island movie soundboard.
You can hear this line at 00:39:02.224 in the Blu-ray version of the movie.
Quote context
[...]
- I were eight when my father died at sea. First mate, he was.
- My father was a first mate too.
- Was he, now? By the powers. What a coincidence.
- Now, Jim, that be Polaris, the North Star. Even in the China Sea, that's north.
- Uh-huh.
- So we must be heading southwest.
- Smart as paint you are, lad. Smart as paint.
- Now, that gets old Long John to wonderin'. Why would we be sailin' southwest?
- Come on, Long John. You could captain this ship.
- That I could, lad. Maybe someday I will.
- Okay.
- Oh, Smolly, my love for you is deeper than the deep, blue sea.
[...]