I sing/play this song often with my clawhammer banjo. I have no trouble re-writing words to any folk song, often adding entire verses or changing key words. For instance I change the words on the last line of Virgil Caine to make no doubt that it becomes a firm anti-war song {"War is hell and the Devil can't be beat."}. So here with CONO I use "old gray men" because I remember the bums I saw in the 50s along the railroad tracks who were indeed "old gray men" and of course old black men turn gray too with age. Many songs I pretty much exactly copy a version I like. I see folk songs by their very nature being more fluid than other genres and as such is one reason why I prefer it above all others. So many traditional songs are just fragments of longer versions lost to history and sometimes what survived has disconnects embedded in the story line/lyrics. Folk music is large enough to handle all these versions and opposing opinions. Live and let live!