My father in law passed away recently, and in going through his belongings I have the sheet music to The Old Spinning Wheel, copyright 1933, this copy published in 1935 (featuring, on the cover of the sheet music, Fred Waring).

Here are the lyrics as sold in 1935:

Covered with dust and forgotten
Like the face up-on the wall
The one souvenir of the days gone by
I treasure most of all

Turn back the years of my childhood
As you turn, old spinning wheel
Just show me a lane with a barefoot boy
As shadows softly steal

(REFRAIN)
There's an old spinning wheel in the parlor
Spinning dreams of the long, long ago
Spinning dreams of an old fashioned garden
And a maid with her old fashioned beau

Sometimes it seems that I can hear her in the twilight
At the organ softly singing "Old Black Joe"
There's an old spinning wheel in the parlor
Spinning dreams of the long, long ago
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So that shows that anything done after that was changed, most probably to not offend anyone.

Of course, it is entirely possible that the venerable Shapiro, Bernstein & Co, music publishers, made alternate versions for alternate audiences. This was common enough in that era.