This dates back at least to Carl Sandburg's 'The American Songbag' (1927). Sandburg notes: "The tempo for this song is indicated as 'with lucid intervals if possible.' It is a highbrow folk song disbursed in many places where the higher learning is sought."

Not noted above, but the tune is the first part of "Dixie".

Further speculation and erudition at the Ballad Index http://www.fresnostate.edu/folklore/ballads/San340.html