Robin Williamson of the Incredible String Band did a fine version of "Hughie the Graham" on his 1998 solo CD called "A Job of Journey Work" (Pig's Whisker Music PWM05010).

It seems to be about one of the Border Reivers, those gangs of thieves and outlaws who caused so much trouble along the Scottish-English border up until about the time of King James I/VI, who clamped down on them pretty severly. The action takes place around Carlisle, where nowadays Graham is apparently the commonest surname in the Carlisle telephone directory.

The Grahams (along with the Armstrongs) were apparently among the chief of these riding clans. For anyone interested, there is an excellent book called "The Steel Bonnets: The Story of the Anglo-Scottish Border Reivers" published in 1989 in paperback by Harper Collins. The author is George MacDonald Fraser, who is better known for the (nine) Flashman novels, though he has also written "The Holywood History of the World" and several short stories, etc. There is a quote in the introduction by Richard Fenwick (one of the Border Wardens charged with the thankless task of keeping order) 1597: "If Jesus Christ were emongest them, they would deceave him, if he woulde heere, trust and followe their wicked councells!"

At the end of the book in Appendix I is reproduced the Archbishop of Glasgow's (Gavin Dunbar) "Monition of Cursing" against the Border Reivers in the early 16th century, in which he excommunciated all border thieves. This runs to several pages as it is over 1500 words and so is too long to reproduce here, but the book firmly states that this intevention was futile in the long run. (The Bishop of Durham also cursed the Tynedale reivers at the same time, wih the same lack of effect).

I must say the tune of Hughie the Graham didn't sound familiar, and I have heard Fairport Convention's version of Sir Patrick Spens.

One version of Sir Patrick Spens contains the line about the Old Moon in the New Moon's arms; I wonder if this is where the saying originates? When the Moon is at the crescent stage a few days after New Moon, the reflected light from the Earth lights up the shadow side to some extent, giving the impression of the New Moon (ie the part brightly lit by the sun) holding the Old Moon (basically dark except where lit by "Earthshine"). The earth lights up the Moon at Night just as the Moon lights the earth at night, but being several times larger and also reflecting more light due to its atmosphere, which of course is lacking in the moon, it has a proportionally much greater affect on the Moon than the latter does on the sun.

I hope you can follow all this!