The melody here is a form of Roll the Cotton Down, as pointed out by Joanna Colcord.
The Alabama was a Confederate raider built in Birkenhead, England, on the river Mersey. In the Azores, she was quietly fitted with guns. For two years, she roamed the seas sinking and burning unarmed merchant ships.
In the summer of 1864, Captain Semmes docked at Cherbourg for repairs. The American minister in Paris reported her arrival and the U.S. Sloop of War Kearsarge under Captain Winslow met her outside the neutral French harbor. Crowds from Paris came to the cliffs and Southampton sportsmen brought their pleasure-yachts to witness the battle, which took place on the morning of Sunday, June 19, 1864. For forty minutes, the ships exchanged broadsides seven miles off the harbor. The Alabama sunk, and the British yacht Deerhound rescued captain Semmes and forty-one of his crew before the Northerners could get to them. Despite his treason and failure, Captain Semmes enjoyed a hero's welcome and military promotions upon arrival in England and his eventual return to the Confederate capital.
Doerflinger collected Dick Maitland's version in Sailor's Snug Harbor, NY. Maitland sang the first version consistently but would also make up long, semi-extemporaneous verses as shown. Rhyme was preferred but not required.
On the stocks, prior to commissioning, she was known as "No. 290" - her number in the list of ships built by the Lairds.