In many versions, the third line is- "Who spend your time in piety," rather than "....in rioting."
It seems to have been written in the early 19th c., but Malcolm Douglas would know more about that.   
I presume 'rioting' refers to riotous behaviour and not to rioting on the streets. The relationship of the song to unemployment and labor unrest is interesting. Who sang it, who used it, when was it composed?