Metchosin, I think a lot of people misheard the song. It is:

"I've got rings on my fingers; or, Mumbo, Jumbo, Jijjiboo J. O'Shay," Words by Weston and Barnes, Music by Maurice Scott, 1909, T. B. Harms et al. (Sheet music at American Memory)
There is no racial slur in the song.
First verse and chorus-

Jim O'Shea was cast away
Up on an Indian isle.
The natives there they liked his hair
They lik'd his Irish smile.
So they made him chief Panjandrum,
The nabob of them all,
They called him Jij-ji-boo Jhai,
And rigged him out so gay,
So he wrote to Dublin Bay
To his sweetheart just to say:
Chorus:
Sure, I've got rings on my fingers, bells on my toes,
Elephants to ride upon, my little Irish Rose,
So come to your nabob, and next St. Patrick's Day,
Be Mistress Mumbo Jumbo Jijjiboo O Shea. "Sure I've got Shea"

Lighter, in "Historical Dictionary of American Slang," vol. 2, as I noted before, questioned whether it had any relationship to the term jigaboo.

Jigaboo was once widespread; I first heard it in New Mexico-Colorado, but I also heard it in Illinois where I went to University. I have also heard it here in western Canada. But all of this was years ago; as far as I know it has disappeared.