Ayup. I'd say this one has been well-served by the folk process. Still, the most I count is seven non-parody verses.
I didn't find this in any of the traditional hymnals - just in the modern Catholic, Unitarian, and Quaker hymnals. I think Q mentioned in another thread that it's in a modern Lutheran hymnal, but I didn't find it in the current Presbyterian and Methodist hymnals. I'm guessing it was long forgotten until Pete Seeger heard it from Doris Plenn and popularized it, and then the modern "mainstream" hymnals picked it up. I'd be surprised to hear born-again Christians singing this one. Too much of a "liberal" connotation to it, although it was written in the 1860's.
-Joe-