My first thought was that this had to predate the Truck Act of 1831- but as subsequent acts were passed in 1837, 1887, and 1896 it seems that the practice did not stop so early. But the cooperative movement had become well established by the 1850s, so I'd still date the song before then.

The repeal of the Truck Acts in 1986 has led to an increase in abuse of employees, especially domestic servants, au pairs, nannies and the like.