From the text given above by Joe it would appear that the Tannahill Weavers have got their Jacobite Rebellions mixed up. The Earl of Mar raised the Royal Standard on the "Braes of Mar" in 1715 in support of King James (aka The Old Pretender), therefore any reference to Prince Charlie in a song relating to the Rebellion of 1715 is historically incorrect.

With regard to the raising of standards for the 1745 Rebellion:

"In late August of 1745, Charles Edward Stuart, better known as Bonnie Prince Charlie, landed at Loch nam Uamh with seven men, raised the Standard of the outcast Stuart kings at Glenfinnan, and gathered to himself an army to challenge the might of King George II's realm."

No Earl of Mar or standard raising on the braes of Mar associated with Prince Charles Edward Stewart, born in Rome in 1720.