Final answer:
The passage is from a literary work and describes the narrator's psychological struggle with fear and indecision while at sea.
Step-by-step explanation:
The text provided appears to be an excerpt from a work of literature, in which the narrator experiences a moment of intense fear and doubt while possibly aboard a ship. The specific event that triggers this fear is the narrator's imagined sight of shallow water ahead, leading to a panic that nearly overwhelms them. The reaction is characterized by a battle between the urge to sound an alarm by ringing the bell and the shame that stops them.
This inner turmoil and the narrator's vacillation between action and inaction are indicative of a psychological conflict, and the figurative language ('the wave of coward agony') enhances the intense emotional state they're in. The excerpt does not only present an event but also delves into the psychology of the character, providing insight into the human experience of fear and the fight between one's instincts and societal expectations.