No Don. That's not the code of the West. The code of the West is this:

Depends on what you want to do. Find some way to push the panic button. Don't have a panic button? Get a union!

If you want to defend the money, you pull the gun right out. If he's armed and you don't know what you're doing, he might pull out his his gun and shoot you and take the money. Or he may run away. If he's a robber in the Old West chances are he has a gun and he knows how and is willing to use it. If you're not the type to shoot someone and he's armed, you're done fer. Just give him the money.

Now if you get the vibe that he might be one of those extra special robbers who doesn't want to leave any witnesses, you got a problem. Hopefully, already you have pushed the panic button and police are on their way. Find some pretense to get your gun and do your best. Because you already gave him the money, he won't be expecting it. Better get out to the range now and again if you're toting a gun.

That's the Old West Don. Don't shoot anybody in the back. Let the police track him down.