Much like "Washington Crossing the Delaware" this is an aggrandized and fictional view of 'events'. 'Events' used very loosely in the sake of this painting.
I am reminded of the 10,000 Maniac's Lyrics to "Candy Everybody Wants"
Went to see the captain, strangest I could find
Laid my proposition down, laid it on the line
I won't slave for beggar's pay, likewise gold and jewels
But I would slave to learn the way to sink your ship of fools
[Chorus]
Ship of fools on a cruel sea
Ship of fools sail away from me
It was later than I thought when I first believed you
Now I cannot share your laughter, ship of fools
Saw your first ship sink and drown, from rocking of the boat
And all that could not sink or swim was just left there to float
Though I could not caution all
I still might warn a few
Don't lend your hand to raise no flag atop no ship of fools