Laura: You had a borrowed ax until the end, and then you used your old one.
Charles: (smiles) You know, you're right.
Laura: Why, Pa?
Charles: Well, I'll tell you, Half-Pint, Mr. Tyler is a good man with a saw, but he's a lot older than I am. When you get older, you get tired more easily, just like you winning a race with a big head start. It doesn't mean anything when you have a head start.
Laura: It sure doesn't.
Charles: That's why I switched the axes, so it would be even between me and Mr. Tyler. Can you understand?
Laura: I suppose. Mr. Tyler sure is happy about winning.
Charles: No happier than I am about losing. (hugs her)