The wooden puppet Pinocchio has been hung by the neck by two masked assassins dressed in black who are sitting at the foot of the tree, waiting for him to die with their blunderbusses in their lap.
The caption reads in the original Italian:
Ma il burattino aveva sempre gli occhi aperti, la bocca chiusa e sgambettava più che mai.
Caption based on M. A. Murray’s translation from The Story of a Puppet: or The Adventures of Pinocchio. London: T. Fisher Unwin, 1892.