Every night when I get home the monkey's on the table. take a stick and knock it off pop goes the weasel.
I believe this phrase is still around today. The proverbial monkey on your back, which means habit. The habit can be drinking, gambling or drugs. If the monkey is on the table, that means he's on the wagon. Take a stick (reefer?) (gaming stick as in dice or slide the score keepers in a pool or darts game?) and knock it off (fall off the wagon?) and when you lose you have to pawn your kit (weasel) pop goes the weasel.
A song of bad habits and addictions that cost money. In a culture of hard work and hard play, that's the way the money goes.