Michael_theGM, very reasonable, in my opinion a bit too reasonable for a drinking song. Those who count their pennies cannot claim to have driven sorrow away, can they?

What about a new drinking ritual, such as a game where the winner or loser must drink a glass of gin?

Somewhere I read the (presumed) original lyrics, quite different in meaning but similar in structure. Probably this is just another sad case of corrupted lyrics - not nonsense, but with features that do not make really good sense.