It's a bit late in the day but whilst Googling for more info on Charles Coburn (and at the same time listening to him singing this song on my iPod!) I came across this site. In the original lyrics reference was made to the late 19th Century Liberal politician and sometime British Prime Minister William Ewart Gladstone. Following his retirement and subsequent death later (post-1900) versions of this oddly-premised song were revised to "The merits of Liberals I freely pressed". This is the song heard by RangerSteve from the old 78-rpm disc made recorded by the inimitable Mr Coburn in 1929.