Having lost a couple of dear ones to alcoholism, I don't find "We all got blue-blind paralytic drunk" to be that amusing. To me it's disgusting, as you say, but for different reasons.

However, I'm intrigued by the tune. There's a MIDI of it here:

http://www.traditionalmusic.co.uk/song-midis/Old_Dun_Cow.htm

In a way, it resembles a Playford country dance from the 1600's. It doesn't have the tonality I would associate with 1893. (I would associate 1893 with 'Bicycle Built for Two' or 'Man on the Flying Trapeze'.)

I almost could work the tune up as a faux early-music piece for my band of friends, but no. Too many of them are recovering alcoholics. They have been to the lip of the abyss, and it's nothing to joke about.