Lyric discussion by PhLyZiK 

this song mostly references antebellum america in the early 19th century. this was a period of economic expansion for the US. lets explicate a few lines:

"I'll keep pulling on the towpath. You keep floating on the river."

here he is talking about the barges pulled down canals by horses on a towpath that goes beside the canal. it was a VERY common (and might i say effective and cheap) method of transporting large amounts of supplies before steamboats were widespread.

"Clickity clack clack, clickity clack clack, Baltimore and Ohio,"

this refers to the Baltimore to Ohio railroad built just before the civil war. often called the B&O.

yes, hardtack is a breadlike food for soldiers, but this song does not seem to be about soldiers at all. it was common for travelers to use this as well.

these facts seems to lead me to believe this song is about a traveling merchant who is witnessing the changes going on during the 1820s and 30s. he seems to be distraught about the fact that railroads are being built and might put him out of a job.

elephants referring to republicans doesnt really make any sense because there wasn't a republican party during this time. there actually wasnt really much of a party system at all until much later. i think that by elephants he means the large train engines.

clutch fucking rules.

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