Based on what I've read, "full and bye" is an old nautical expression meaning that a ship is both sailing close to the wind and has full sails.
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Sunray ShowerWe can't keep her full and byeYou'll need to research nineteenth century nautical dictionaries for the exact meaning, but the general idea, which I'm just guessing from context, is We can't keep the ship's sails full of wind and the ship moving in the desired direction.
Sunray ShowerFrom Typee by Herman Melville > Chapter 1http://melville.thefreelibrary.com/Typee/1-2 The old ship herself longs to look out upon the land from her hawse-holes once more, and Jack Lewis said right the other day when the captain found fault with his steering.'Why d'ye
Bye is an old English spelling of by, over the years a lot of old English words have been changed.