Hi All,
I can't give any fancy references as per others, but this song was fairly popular in the 60's with Irish and Brit. folk singers .
I'm as confused as with Jimmy C above and overlap views with others .
This is how I heard it first , and , this verse gives a double meaning to "bound" - but I suppose it just evolved that way........

I was put on board an east-bound train on a cold December day
And at every station that we passed I'd hear the people say
There goes that Boston Burglar, in cold chains he is bound
And one way or another , he's bound for Charlestown