From the 1927 unexpurgated book Immortalia. pages 62-3:

THE SHIP'S IN THE HARBOR
Anonymous

Oh, the ship's in the harbor,
She lies by the dock,
Like a young girl and a young man
With a stiff standing—
—haul away for the mainsail,
The main-top-set-sail,
Haul away for the mainsail,
The main-top-set-sail.

And there was young Johnny,
The pride of her crew,
Who liked to drink whiskey
And also to—
—water the garden when
He was at home,
Water the garden when
He was at home.

He could dive like a diver,
He could swim like a duck,
He could show the young ladies
A new way to—
—save their sweet lives if
A cramp they should take,
Save their sweet lives if
A cramp they should take.

But alas, we put it in at
A far Northern port,
And he froze it in chasing
And broke it off—

62


—half way to Juneau,
And half way to Nome,
Half way to Juneau,
And half way to Nome.

Oh, the ship's in the harbor,
She lies by the dock,
But alas for poor Johnny,
He has no more—
—yardarm to splice with,
Or topmast to brace,
Yardarm to splice with,
Or topmast to brace.

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Ed Cray in his Erotic Muse pg 60, says that the song is similar to the song "Follow the Band" (aka "My Father's a Mason"). See here:

http://books.google.com/books?q=%22Every+ship+has+a+capstan%22&btnG=Search+Books