An emigrants' farewell song. When Irish people sailed for the US in the nineteenth century, it was rare that they ever returned, so family and friends held a "wake" for them the night before they left.

I think Sweet Cootehill Town preceded the Parting Glass. This is from the database, sung to the same tune:

SWEET COOTEHILL TOWN

Oh fare you well sweet Cootehill town,
The place where I was born and bred,
Through shady groves and flowery hills
My youthful fancy did serenade,
But now I'm bound for Amerikay,
A country that I never saw;
These pleasant scenes I'll always mind
When I am roving far away.

The pleasant hills near Cootehill town
Where I have spent my youthful days
Both day and night I took delight
In dancing and in harmless plays.
But while I rove from town to town
Fond memory in my mind shall stay
Of those pleasant happy youthful hours
That now are spent and passed away.

Perchance kind fate will reinstate,
And fortune's face upon me smile
To safe conduct me home again
To my own dear native Irish isle;
When all my comrades and friends likewise
Will gather round and to me say
"We'll sing and dance as in days gone by,
For you're welcome home from Amerikay."