The song is an american folk song. By today's standards it can be considered politically incorrect, but it is still an American folksong that depicts a certain time in America that is different from today.

But banning it will not change history. I am afraid that this is political correctness rearing it's head as usual trying to erase or rewrite history so someone won't be offended.

Get over it. Celebrate that it is no longer like this, but do not deny it and erase the music of a period.