I would say to some extent that Marat is correct about the two principles, but I'd say there wasn't too much tension. The idea is that principle one only overrides principle two upon repeated observation of the phenomenon. If under one circumstance you find that '2+3=4' but from thousands of other observations you find 2+3=5, and that this logic applies to many other scenarios e.g. 2+5=7, then, as a skeptic, you logically accept that your observation must be either wrong or not taking into account some other factor.
With the dinosaur thing, I would say it is always wise to remain skeptical when the only data is someones opinion, no matter how many or who it is from. Empirical data is needed. The discovery of a living dinosaur would be a big deal as our current evidence to counter it is: We have never, in the history of modern man, seen a dinosaur. What did these fisherman do with it? Eat it? Where is it now?
Besides, if in the 1900s we can find one dinosaur there must be at least hundreds of them to breed for milennia.