''with me like thieves of mercy, but they knew what they did; I am to''
 
''with me like thieves of mercy, but they knew what they did; I am to''
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''thieves of mercy'' - ''thieves'' who have stolen ''mercy.''  Hamlet means the pirates are the kind of characters who, of themselves, would not have any mercy.  Therefore, for them to show mercy to him, they must have stolen some mercy from somebody else.  If they hadn't stolen it, they wouldn't have any mercy to show.
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''thieves of mercy'' - ''thieves'' who have stolen ''mercy.''  Hamlet means the pirates are the kind of characters who, of themselves, would not have any mercy.  Therefore, for them to show mercy to him, they must have stolen some mercy from somebody else.  If they hadn't stolen it, they wouldn't have any mercy to show. For plain reading, ''thieves of mercy'' can be taken as "merciful thieves."
  
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