The polka was introduced in Prague around 1835. By the 1840s, it was popular in Vienna, and by the 1850s, it had taken New York (as much of
the world) by storm. This song seems to show up first in Davis and Tozer's Sailors' Songs or "Chanties", with some authors speculating that the duo composed most of the verses themselves. Gibb Sahib seems to have identified the source as the tune "Cynthia Sue" which was sung by Christy's Minstrels around 1844; "Santy" therefore would be the two-syllable version of "Cynthia".
The tune of this shanty may also come from the Irish tune "Larry Doolan." The reference to short-cut hair would seem to date the American sailor towards the end of the packet-ship days.
An almost identical tune, sometimes called "O You Santy", is:
As I was lumbering down the streets of bully London town,
I spied a Yankee clipper ship, to New York she was bound;
And hurrah, you Santy, my dear honey-
Hurrah, you Santy, I love you for your money.