My theory, which I can never prove, is that it was collected orally, or on tape, and should go

I ride an old paint, I lead an old dam,
I"m going to Montana to throw the whole hand...
(i.e. give up, give it all away)

This is on the basis that its a song about failure and despair- "their tails are all matted and their backs are all raw..."
"... and the daughter went wrong"
"his wife got killed in a free for all fight"

I'm not American but wasnt Montana some version of badlands ? not as bad as the black hills but not good luck ?
And the Fiery and the Snuffy would be names of prob the lead bullocks.

I read ir in an old book of folk songs years ago,along with the hoolihan debate and to me it stuck out a mile that it was a mistake transcribing, and I've been comfortable with my version ever since. Its an oral tradition, right ?