I always imagined that when something exciting happened, the songsters, be they broadside songwriters or illiterate troubadours, would scratch their heads (or whatever they scratched for inspiration) and then start creating a set of verses based on some older ballad that came to mind. The closer the "incident" to the older ballad, the easier the job was, as true then as it is today. The ballad that came down to us from that "incident" may well be a combination of the previous ballad and the "folk-processing" through the ages.

Consider the broadside version of "The Benjamin Lamentations" (circa 1684) with the later "Bold Benjamin;" (1907) there may not have even been a historic incident but the story made the song interesting enough for people to re-work for over 250 years:

Oxford Book of Sea Songs, pp. 44-46

THE BENJAMINS' LAMENTATION for their sad loss at Sea, by Storms and Tempests

Captain Chilver's gone to sea
Hey, boys, O, boys,
With all his company, hey,
Captain Chilver's gone to sea
With all his company
In the brave Benjamin, O.

Thirty guns this ship did bear
Hey, boys, O, boys,
They were bound for Venice fair, hey,
Thirty guns this ship did bear
And a hundred men so clear
In the brave Benjamin, O.

But by ill storms at sea
Hey, boys, O, boys,
Which bred our misery, hey,
But by ill storms at sea
Were drove o' of th' way
In the brave Benjamin, O.

We had more wind than we could bear,
Hey, boys, O, boys,
Our ship it would not steer, hey,
We had more wind than we could bear,
Our masts and sails did tear
In the poor Benjamin, O.

The first harm that we had
Hey, boys, O, boys,
I makes my heart so sad, hey,
The first harm that we had
We lost our fore-mast-head
O the poor Benjamin, O.

The seas aloud did roar
Hey, boys, O, boys,
We being far from shore, hey,
The seas no favour shows
Unto friends nor foes
O the poor Benjamin, O.

The next harm that we spied,
Hey, boys, O, boys,
Then we to heaven cried, hey,
Down fell our main-mast head
Which struck our senses dead
In the poor Benjamin, O.

Then we with seas were crossed,
Hey, boys, O, boys,
And on the ocean tossed, hey,
Then we with seas were tossed,
Many a brave man was lost
In the brave Benjamin, O.

The next harm that we had,
Hey, boys, O, boys,
We had cause to be sad, hey,
The next harm that we had
We lost four men from the yard
In the poor Benjamin, O.

Disabled as I name,
Hey, boys, O, boys,
We were drove on the main, hey,
So the next harm we had
We lost our rudder's head
In the poor Benjamin, O.

Then we all fell to prayer,
Hey, boys, O, boys,
The Lord our lives would spare, hey,
Then we fell all to prayer
And at last he did hear
Us in the Benjamin, O.

Although we sailed in fear,
Hey, boys, O, boys,
The Lord our ship did steer, hey
Our prayers so fervent were
That we had passage clear
Into brave Plymouth Sound, O.

When we came in Plymouth Sound,
Hey, boys, O, boys,
Our hearts did then resound, hey,
When we came in Plymouth Sound
Our grief with joy was crowned
In the poor Benjamin, O.

When we came all on shore,
Hey, boys, O, boys,
Every man at his door, hey,
When we came all on shore
Our grief we did deplore
In the brave Benjamin, O.

You gallant young men all,
Hey, boys, O, boys,
'Tis unto you I call, hey,
Likewise brave seamen all
Lament the loss and fall
Of the poor Benjamin, O

Come my noble hearts of gold,
Ay boys, O boys
That on Neptune's waves [have rolled], ay
Come my noble hearts of gold
Your ancient courage bold
Like the brave Benjamin, oh.

Then there's the 1907 version which I learned from the singing of Sarah Gray and Friends of Fiddler's Green back in 1968 which I'm still working on:

From the singing of Owen McBride, Sarah Gray & The Friends of Fiddlers Green Circa 1968, East Lansing, MI
BOLD BENJAMIN

Now, Admiral Cole has gone to sea,
Oh, me boys, ohh!
Now, Admiral Cole has gone to sea-o!
Brave Admiral Cole has gone to sea
With all our good ship's company,
On board the Bold Ben-ja-min, ohh!

We set sail for France and Spain,
Oh, me boys, ohh!
We set sail for France and Spain-o!
We set sail for France and Spain,
Our gold and silver to regain,
On board the Bold Benjamin, oh!

We set sail five hundred men,
Oh, me boys, ohh!
We set sail five hundred men-o!
We set sail five hundred men,
And we've come back but fifty-one,
They was lost on Bold Benjamin, oh!

And as we drew near Blackwall,
Oh, me boys, ohh!
And as we drew near Blackwall-o!
And as we drew near Blackwall,
Admiral Cole, loud did call:
"Here comes the Bold Benjamin, oh!"

Hear the mothers weeping for their sons,
Oh,me boys, ohh!
Hear the mothers weeping for their sons-o!
Hear the mothers weeping for their sons,
And the widows for their husbands,
They was lost on Bold Benjamin, oh!

The more modern ballad has been pared down and re-structured but they're still clearly related. Too bad we're missing some of the intermediary steps. (If anyone has any clues to them, please share).

Well, that's my mouthful for now!