YouTube has 2 versions of this song. The transcription below comes from Edison 50841-L (although I have omitted some of the patter). Emerson 10427 omits verse 2. Note there is one phrase I can't make out near the end.

DOWN AT THE OLD SWIMMING HOLE
Words and music by Al Wilson and Jim Brennan.
New York: Edward B. Marks Music Co., ©1921.
As sung by Billy Jones & Ernest Hare (The Happiness Boys)

PATTER: —Say, Ernest.
—Will?
—How do you feel?
—Oh, I don't know. Why do you ask?
—Well, the reason I asked, I thought that, uh,

VERSE 1: You look very tired and weary.
—I am. I'd like to go where I'd leave my troubles behind.
—I know a dandy place. You'll forget care as soon as you get there.
—Well, Willie, where's this place you have in mind?

CHORUS: —Come along with me. —Where to? —Down to the old swimming hole.
—Why sure! I'd like to be a kid again.
—Well, don't forget to bring along your fishin' pole.
—Could I lie beneath a tree?
—Of course! From care you're going to be free.
—Oh, boy! It's great to lie on the bank and look at the sky.
—Hot dog! And let the rest of the world go by.
—But if it gets too warm, —Why then, we'll dive right into the pool.
—I'll bet that feels nice and cool.
—Why you'll forget about home-sweet-home.
You know that bathing suits are out of style.
—Yes, just a coat of tan and a great big smile,
When you go down to the old swimming hole.

VERSE 2: —Someday is a struggle for fortune.
—Will I find that I have forgotten how to smile?
—Yes indeed! So let's hurry and forget about worry,
And we'll find that life's worthwhile.

CHORUS: Come along with me down to the old swimming hole.
Come on and be a kid again,
And don't forget to bring along your fishing pole.
Underneath a tree,
From care we're going to be free.
It's great to lie on the bank and look at the sky,
And let the rest of the world go by,
And if it gets too warm, we'll dive right into the pool.
It feels so nice and cool,
You'll forget about home-sweet-home.
Bathing suits are out of style.
Just a coat of tan and a great big smile,
When you go down to the old swimming hole.

NEW TUNE: First you take your clothes off, feeling pretty bold.
A kid sticks in his toe and hollers, "Gee, the water's cold!"
You stand around and shiver. Someone hollers with a grin,
"The last one in's a sissy," then you all dive in.
See an old bullfrog, catch him by the toe.
When he starts to holler, then you gotta let him go.
Splashing in the water till the sun begins to set.
You're hungry and you wonder if you supper's ready yet.
When you come to dress, that's when you come to grief.
Your clothes are full of knots and ....(?)
You can't get 'em on and you think you'll take a chance,
So you tie your shirt around you where you ought to wear your pants.
[Silly patter here.]
You spend the whole day gettin' a tan on your face.
At home you get a tanning in a diff'rent place,
When you go down to the old swimming hole.
Come on along!