Trying to track down the origin of this song. My mother and stepfather used to sing it, and since they weren't exactly folkie types, and since it feels like a self-conscious parody, I suspect it has tin pan alley rather than folk origins.

Here's the first verse:

My dad was a famous two gunman
Perhaps you'll remember his name
As Loose-Trigger Pete he could shoot mighty neat
Till a piker roped in on his game
A rustler he was by profession
Till one of his pals spilled the dope
and Dad paid his fine at the foot of a pine
at the end of a hundred foot rope