Lyric discussion by BonjourLaFille 

Cover art for Rawhead And Bloodybones lyrics by Siouxsie and the Banshees

This is the retelling of the myth of Rawhead and Bloodybones, a folklore creature who is rumored to reward good children and punish bad ones:

Bloody-Bones is said to live near water (in older tellings) and under sink pipes (in newer tellings). Rawhead/Bloodybones rewards very good children, but will punish naughty children by dragging them down the drainpipes or into the water and drowning them. In addition to drowning naughty children, he is said to be able to turn them into objects such as pieces of trash or spots of jam, which are inadvertently cleaned-up and thrown out by unwitting parents. [quote:www.monstropedia.org]

Rawhead and Bloodybones is also said to have big pop-eyes, a scrunched and crouching form, horns, claws, scabs, and a gremlin form. There is also a rhyme associated with it:

Rawhead and Bloody Bones Steals naughty children from their homes, Takes them to his dirty den, And they are never seen again.