Tim Carter's query (28 Oct '99)
"I was chasing around to find the history of this nursery ryhme, i.e. why suddenly shift from a happy ryhme about church bells to chopping off heads?"
This song clearly doesn't see a sudden dramatic change of pace even with the 'chopping' at the end. Whilst the bulk of it refers to the Church peals (peels? orages & lemons ?) the question and answer is about debt. And the answers given become more and more evasive:
Q When will you pay me? A: When I grow rich
Q: When will that be? A: I do not know.

Whilst debtors prison was an option which prevented the debtors earning money to pay their debts, life was more lawless back then. Perhaps the threat of death would induce payment.

Migel