"Captain Stratton's Fancy" was set nicely by Peter Warlock (Philip Heseltine) in 1921. The poem was published in Masefield's The Story of a Round-house, 1912.

YouTube: http://www.youtube.com/watch?v=n2rKVPUrR_s
I believe the track was taken from A Warlock Centenary Album and was sung by Robert Lloyd.

And here is a different setting, composer unidentified, sung by Nelson Eddy: http://www.youtube.com/watch?v=1akP0PknN3Y

Captain Stratton was an officer in the British navy who carried on a sideline trading rum and other commodities with pirates in the Caribbean (at an exorbitant markup!). He was turned in by one of his mates, though not until after having reputedly buried a large sum in gold somewhere near the mouth of Chesapeake Bay; his treasure is not known to have been recovered.