From James Hall, “Letters from the West: Letter III,” The Port Folio, XII (Sept., 1821):

"To the admirers of the simplicity of Wordsworth, to those who prefer the naked effusions of the heart, to the meretricious ornaments of fancy, I present the following beautiful specimen verbatim, as it flowed from the lips of an Ohio boatman [perhaps at Parkersburg, Va.]:

“Its oh! as I was a wal-king out,
One morning in July,
I met a maid, who ax'd my trade,—
Says I, "I'll tell you presently,"
"Miss, I'll tell you presently!"

Hall added a second stanza in the book publication of Letters from the West (London: Henry Colburn, 1828), p. 91:

And it’s oh! she was so neat a maid,
That her stockings and her shoes,
She toted in her lilly [sic] white hands
For to keep them from the dews, &c., &c.]

“I challenge the admirers of that celebrated poet to point out, in all his works, or in those of his disciples, a single verse which is more simple, more descriptive, or which contains so much matter in so small a compass.”

Experience with folksongs suggests to me that the lyrics are setting up an amorous (make that "highly amorous") encounter.