It's a long time since I heard this song (early seventies?), but I'm sure the penultimate verse was:-
Oh madam I will give to you a little golden ring
To wear upon your finger to make you dance and sing
If you will be love, etc.
Nor do I remember verses about a dress/gown, however the little bell was silver!
From the various postings, it appears there are several versions of the song, so who is to say which if any is correct? As Bill D said, it's a folk song, so it's what people remember, because it isn't written anywhere.