Georger - Thank you for the DZ link on this.
R99: Yes, "dry land" weight is the same on land or in water...but thanks to things like specific gravity, the relative weight of an object is not the same in water as it is on land.
Take a 50 lb rock and lift it on dry land - remember the energy it takes to lift/move it. Now, drop that rock into a pool, get in and lift it - did it take the same energy? No. Buoyancy counteracts gravity underwater. Incidentally, the 2/3 number I used wasn't random. I pulled it from a mining/dredging website for rocks they deal with (ex. granite, sandstone, basalt), and their calcs show that these rocks have an "underwater weight"of about 2/3 of their dry land weight underwater.
Other factors like the density of the parachute bag and the $ itself and the surface tension of water also apply here, which make it probable the $ bag could have traveled in the water. Whether it traveled upstream, I still think is extremely unlikely, but it's at least possible in an estuary.