What differing arrays of experience should a listener take from the following words, sung by two white singers?

"Some folks say that a n****r won't steal
I caught three in my cornfield
One had a bushel, one had a peck
One had a rope around his neck"

What depth and complexity inherent and encapsulated by these lines am I missing?

There's a huge difference between a folk narrative that leaves you unsettled and feeling uncomfortable - something like 'Willie's Lady' or 'The White Fisher' for instance - and something that's basically barroom racist jokes. This is the 1930s equivalent of Bernard Manning or something (except I doubt Bernard Manning made jokes about the hanging of black people)