From an article "Sussex Songs and Music" by F. E. Sawyer, Esq., F.S.A., in Journal of the British Archaeological Association, Volume 42 (London: British Archaeological Association, 1886), page 313:

We now arrive at songs connected with popular customs. St. Clement, as everybody knows, is the patron Saint of blacksmiths, and in Sussex his day (October 23) is regularly observed in old fashioned style by them, in firing their anvils, and dressing up a figure of "Old Clem" with a beard and pipe. A curious legend on the subject was written down by Edmund Young, Esq., M.R.C.S., of Steyning, from the lips of a Sussex blacksmith, then in a deep decline. It runs as follows:—

"On the 17th March, A.D. 871, when good King Alfred ruled this land, he called together all the trades (seven in number), and declared his intention of making that tradesman king over all the trades who could best get on without the help of all the others for the longest period. He proclaimed a banquet, to which he invited a representative from each trade, and made it a condition that each should bring a specimen of his work, with the tools he used in working it. 1st, the blacksmith brought his hammer and a horseshoe; 2nd, the tailor brought his shears and a new coat; 3rd, the baker, his peel and a loaf; 4th, the shoemaker, his awl and a new pair of shoes; 5th, the carpenter brought his saw and a deal trunk; 6th, the butcher, his chopper and a joint; 7th, the mason, his chisels and a corner-stone.

"Now the tailor's coat was of such surpassing beauty of colour and exquisite fashion, that all the guests with one consent declared it a marvel of workmanship, and entirely eclipsing the handicraft of all the others. Upon which the horseshoe, bread, shoes, trunk, meat, and corner-stone were all thrown on one side as unfit for competition. Upon this the tailor was unanimously pronounced by the good King and the general company the fittest to be king of the trades, and was duly installed. This decision made the blacksmith very jealous and angry, and he declared that he would do no more work whilst the tailor was king; so he shut up his forge, and 'sloped' no one knew whither.

"Now it came to pass that King Alfred was the first to need the services of the blacksmith, his horse having cast a shoe; but he could gain no admittance. Then came one trade, then another; in fact, all the six, each having broken his tools, thereby preventing him from carrying on his business until he could get them mended. The last of the six who came to grief was the tailor, who had broken his shears, and was compelled to stop working. This all happened on the 23rd November (St. Clement's Day) in the same year.

"Now King Alfred and all the trades determined to break open the forge, and do the work themselves. So the King began to shoe his horse, the tailor began to mend his shears, and each trade in succession essayed to repair his tools, but all failed. The horse kicked the King, the tailor bruised his fingers, the fire would not burn, and everybody got into everybody's way. The butcher began to shove the baker, he shoved the shoemaker, who in his turn shoved the carpenter, and the latter revenged himself by shoving the mason, who passed the compliment on to the tailor, until in the general confusion the anvil was knocked over, and exploded. At this juncture in walked St. Clement with the blacksmith on his arm, the latter looking very angry at the wreck of his once tidy forge. St. Clement said nothing, but seemed to enjoy the discomfiture of the King and company.

"At length the King, making a humble bow to St. Clement and the blacksmith, said: 'I have made a great mistake in allowing my judgment in this important matter to be governed by the gaudy colour and stylish cut of the tailor's coat; and in justice to the blacksmith, without whom none of us can do, proclaim him king.'

"Immediately all the trades, except the tailor (deposed), begged the blacksmith to mend their tools So he shod the King's horse, and obligingly mended the tools of all who asked; but he made and presented to the tailor a new pair of shears. This presentation took place at a feast given by the King to celebrate the event, who, in a neat speech, admitted having been taken in by the tailor's beautiful coat, but now felt the greatest pleasure in announcing that for all time the blacksmith should be regarded as the king of all the trades. 'So let us all drink good health and long life to the jolly blacksmith.'

"The King then proposed that, to restore the harmony, each should sing a song, and called upon the blacksmith to make a beginning, who sang the following:—

OLD CLEM, THE JOLLY BLACKSMITH.

"Here's a health to the jolly Blacksmith, the best of all fellows,
Who works at his anvil while the boy blows the bellows,
For it makes his bright hammer to rise and to fall,
Says the Old Cole to the Young Cole, and the Old Cole of all.

CHORUS: Twankie dillo, twankie dillo, dillo, dillo, dillo, dillo, dillo,
With a roaring pair of bagpipes made of the green willow.

"If a gentleman calls, his horse for to shoe,
He makes no denial to one pot or two;
For it makes his bright hammer to rise and to fall,
Says the Old Cole to the Young Cole and the Old Cole of all.

Chorus.—Twankie dillo, etc

"Here's a health to the pretty girl, the one he loves best;
She kindles a fire all in his own breast,
Which makes his bright hammer to rise and to fall.
Says the Old Cole to the Young Cole and to the Old Cole of all.

Chorus.—Twankie dillo, etc

"Here's a health to King George and likewise his Queen,
And all the Royal Family wherever they're seen;
Which maker his bright hammer to rise and to fall,
Says the Old Cole to the Young Cole and to the Old Cole of all.

Chorus—Twankie dillo, etc."

The spirited music, which is traditional, and does not occur in Chappell's Popular Music of the Olden Time, was kindly written down by Mr. Samuel Willett of Cuckfield, Sussex, and is confirmed by several Sussex people.

"Whilst this song was being sung, the tailor crawled under the table, and slit up the blacksmith's leather apron, with his new shears, into a regular fringe; and from that day no blacksmith ever wears an apron which is not so ornamented or mutilated."

The following notes on the modern observance of the day are furnished by Mr. Thompson:—

"A supper takes place on the 23rd Nov. annually. I have made inquiries of the oldest smith in my shop. From him I gather that it is customary in some places to personate 'Old Clem.', particularly in the Government dockyards. In many private establishments it has also been the custom for the master to give the smiths a 'way-goose'; that is, a leg of pork with the bone drawn, and the pork stuffed with sage and onions, and roasted. This has been the custom in Bristol, Liverpool, and even in Brighton. In all cases it is usual for the oldest blacksmith to take the chair, and the youngest the vice-chair. The first toast is:—

'Here's to old Vulcan, as bold as a lion,
A large shop and no iron,
A big hearth and no coal,
And a large pair of bellowses full of holes.'

Then follows the song, 'Here's to the Jolly Blacksmith.' The next toast is:—

'True hearts and sound bottoms.
Checked shirts and leather aprons.'

This is followed by a song:—

'Tubal Cain, our ancient father.
Sought the earth for iron and ore.
More precious than the glittering gold,
Be it ever so great a store.'

The Chairman, rising, says, 'Gentlemen, I invite you to drink with me the toast of the evening, To the memory of Old Clem., and prosperity to all his descendants.'"

[The book contains musical notation for OLD CLEM, THE JOLLY BLACKSMITH. Note that the words, at least, are very similar to TWANKY DILLO in the DT.]