I couldn't find any background information, but here are the lyrics as sung by Tim O'Brien:


Raleigh and Spencer
From Songs From the Mountain
(Traditional)

CHORUS:
Raleigh and Spencer was burning down
There ain't no liquor in this town
There ain't no liquor in this town

I'll pawn you my shoes for a little bottle of booze
I'll drink it down and lay right down and die
I'm gonna drink it and I'll lay right down and die

I'll eat more chicken that a pretty gal can fry
I'll tell you more doggone lies
I'll tell you more doggone lies

CHORUS

I'll eat more fat meat that you can cook in a week
I'll never get to heaven when I die
Ain't never gonna get to heaven when I die

I'll pawn you my watch, I'll pawn you my chain
I'll pawn you my gold wedding ring
I'll pawn you my gold wedding ring

You can tramp down the flowers all around my grave side
They'll rise and bloom again
They're gonna rise and bloom again

CHORUS

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There's another version here:

Riley and Spencer

Raleigh and Spencer are burning down
No there ain't no liquor in town
No there ain't no liquor in town

Whatcha gonna do to wet them lips
When the whole darn town runs dry
When the whole darn town runs dry

I been all around this whole wide world
I been down to Memphis Tennessee
Yes I been down to Memphis Tennessee

I played cards with the kings and queens
I shot dice with old Jesse James
I shot dice with old Jesse James

I can eat more chicken than any one gal can fry
I can tell more low-down lies
I can tell more low-down lies

I can tell more lies than there're stars in the sky
And I ain't going to heaven when I die
No I ain't going to heaven when I die

I'd trade my shoes for one bottle of booze
I'd drink it I'd lay down and die
Yes I'd drink it I'd lay down and die

You can stomp down all the flowers that'll grow round my grave
But they'll rise and bloom again
Yes they'll rise and bloom again