I think it was based on a real event. Person's name was James Phelan..i have a Whelan ancestor and in genealogy those three versions of the name are considered interchangeable. In my case, I believe gggm, Bridget Whalen, was from County Offaly. The cruel Mississippi is mentioned in one of the many versions, but a smaller river in Canada I think. I do not remember where people say the song is from...it is possible that I am related to him.