Lyric discussion by sweetadeleiiine 

Cover art for Herring Bone lyrics by Department of Eagles

I'm always under the impression that it's "coat" and not "cold."

Either way, this song is about how you better live now, and communicate what you want to while you can, 'cause you are going to die.

I think the very last part is concerning the etymology of the word herringbone, and it ties in well with the theme of being short shrift.