Lyric discussion by MyThreeCents 

Cover art for Cotton Jenny lyrics by Gordon Lightfoot

I think it has something to do with slavers, or post slavery still in a state of no income for his work.. Like he works for the same family he rents from, and never actually deals with money.. Kinda breaks even. He can never be free because he can never save money. So, in a way they still own him. But what he has is Cotten Jenny and they cant take that away, because he is free and they cant just break and sell of families like they used to.

My Interpretation