Honest good humor is the oil and wine of a merry meeting, and there is no jovial companionship equal to that where the jokes are rather small and laughter abundant.

Irving praises a kind of sociability grounded less in wit or brilliance than in warmth. “Honest good humor” functions like “oil and wine”: it smooths friction, nourishes conviviality, and makes a gathering feel generous rather than competitive. The remark also demotes the status of the “big” joke—sharp, showy, or cutting humor—in favor of modest pleasantries that invite everyone in. Abundant laughter becomes the measure of success, suggesting that companionship is healthiest when it is inclusive, unforced, and free of malice. The line reflects Irving’s broader preference for humane, temperate manners and the everyday pleasures of fellowship.