Origin of 'Run like smoke and oakum'?

Master And Commander is playing while I work, and ‘Run like smoke and oakum’ is a well-known line from it.

What is the origin of the phrase?

I think it stems from the use of oakum used in slow match for firing cannon or musket. So, assuming I’m remembering correctly, you have your slow match of oakum with it’s smoke and it’s used to fire the cannon. Smoke and oakum.

(I’m probably totally wrong about this, however, as I’m sure there will be several 'dopers pointing out after this post :p)

Yeah, I was wrong. It was used as packing material, among other things…but I don’t see any relation to slow match or fuse.

So, my WAG on the smoke and oakum thing is that it is used all around the ship and it seems pretty flammable especially when used with tar…so, perhaps O’Brian or whoever he was quoting was talking about the possibility of ship board fire running rampant.