The Dead Horse 

Lyrics courtesy of www.sailorsongs.com
(The "horse, is  money owed on land to creditors.
When the money had been earned aboard could say the horse was dead.
He was debt free and could begin earning a pay in hand.
Sometimes sailors made a fake horse to hoist up the mast.

They say old man your horse will die  
And they say so and they hope so
Oh poor old man your horse will die  
Oh Poor old man

For many days I've ridden him  
And they say so and they hope so 
And when he dies I'll tan his skin  
Oh poor old man

And if he lives I'll ride him again 
And they say so and they hope so
I'll ride him with a tighter rein 
Oh poor old horse

It's up aloft the horse must go 
They say so and they hope
We'll hoist him up and bury him low  
Oh poor old horse

Lyrics courtesy of www.sailorsongs.com