The Joan Baez bibliography and discography by Joan Swanekamp lists the song as "trad." On her Vanguard album of the same year, "5," Baez alluded as much, noting that it was "a melange of lyrics derived from Negro work song."

I've currently found only one snatch of the lyrics predating Baez's recording, from Jesse Fuller's "Take This Hammer," from Jazz, Folk Songs, Spirituals & Blues (1958). Paul Garon (in What's the Use of Walking, pp. 62-63) reports the lyrics as follows. Note it is possibly related is the 1926 Margaret Johnson blues song, When A Gator Hollers.

Spoken: This song is Take This Hammer to the Captain. I always liked this song better than I did any other. That's my favorite song. I used to work on the railroads, and minin' camps and everywhere, and I always liked that song the best.

Workin' on the railroad, dollar a day,
Workin' on the railroad, dollar a day,
Workin' on the railroad, dollar a day,
Makin' my money, baby, and you're throwin' it away.

Take this hammer, take it to the captain,
Take this hammer, take it to the captain,
Take this hammer, take it to the captain,
Tell him I'm gone, oh, buddy, and tell him I'm gone.

Wake up in the mornin', when the ding-dong ring,
Wake up in the mornin', the ding-dong ring,
Wake up in the mornin', buddy, when the ding-dong ring,
When you look on the table, it's the same old thing.

This old hammer, it ring like silver,
This old hammer, ring like silver,
This old hammer, buddy, and it ring like silver,
Shine like gold, oh, buddy, and it shine like gold.

This old hammer, killed John Henry,
This old hammer, killed John Henry,
This old hammer, Lord, it killed John Henry,
Won't kill me, oh, buddy, it won't kill me.

Wake up, buddy, uncover your head,
Wake up, buddy, uncover your head,
Wake up, buddy, uncover your head,
'Cause the captain's gonna work you until you're almost dead.

When you hear them cuckoo's a-hollerin',
When you hear them cuckoo's a-hollerin',
When you hear them cuckoo's a-hollerin',
Sign of rain, oh, buddy, it's a sign of rain.