Thanks to the bot for bringing this thread up, this is a song and artist I'm not familiar with. You can listen to this song here. The lyrics seem largely correct.

As Stewie brought up, the mills and their exploitation of cheap southern labor was prolific in North Carolina, especially the piedmont, and this fomented in the 1920s to cause dozens of strikes throughout the south. At the time of this recording, the mills were seen as doubly-evil because they were often (but not always) owned by Northerners (Loray was owned by the Rhode Island-based company Manville-Jenckes), outsiders (Bessemer City's American Cotton Mills, Inc. No. 2 was owned by Latvian-born Jews), or managed/controlled by northerners (both Loray and Greensboro's Cone Mills), in addition to their obvious labor conflicts.

I did a good bit of research on the Loray Mill Strike and its eventual impact in unionization in the state of North Carolina in both high school and college. It's fair to say that the Loray Mill Strike single-handedly set back unionization in the state by decades, and to this day NC remains one of the least unionized states. Here's an excerpt from what I wrote in one of the papers:

The importance of the union’s outsider status can be best seen through the Forest City, Bessemer City, and High Point strikes, which all occurred within the next three years. The Forest City strike was “Characterized by a manifest hostility against... the National Textile Workers' Union,” and found the support of local Ku Klux Klan Grand Dragon, who advised the strikers “to dodge the European radicals” of the Loray Mill Strike [1]. A year later, in Bessemer City, Communist leaders who came were literally tied up and driven out of town by the strikers, and A. F. of L. leaders who came were also asked to leave [2]. A similar situation occurred in the strikes in High Point in 1932 ([3], p. 55; 58-59).

Despite the successes of the locally-led strikes, critics point out that they were too weak and small in scale to maintain the victories they made, likely due to a lack of support from a larger organization; as a result, many of the issues tended to come back to haunt the workers ([3], p. 60). Nonetheless, the Forest City, Bessemer City, and High Point strikes are examples of strikes in a similar time period and situation that were successful under local leadership, as opposed to the failure of the Loray Strike, which had strong outside influence. They also demonstrated the locals’ fear of Communists and their association of all unions with Communists, as shown by the response of locals to the A. F. of L. leaders in Bessemer City.   As Margaret Larkin pointed out, even A. F. of L. strikes in Elizabethton were decried as Communist-led [4]. And though evidence of anti-Communist attitudes was obvious in North Carolina after 1929, there was little evidence in the state before then except for one report in 1920 [5].

Of course, in the full paper, I discussed the probability that the Communist excuse was used as a simple method of convenience, and also the possible instigation of the mill strike by non-unionists, but regardless of who caused it, the Loray Strike was very detrimental to unionism in the state. Some historians claim that the Communist presence in Gastonia set back labor relations in North Carolina at least a generation [6].

[1] "Differences Adjusted At The Florence Mills" - Forest City Courier, April 11th, 1929, p. 1
[2] Theodore Draper - "Gastonia Revisited", Social Research (Spring 1971), pp. 25-26
[3] John G. Selby - "'Better to Starve in the Shade than in the Factory': Labor Protest in High Point, North Carolina, in the Early 1930s", The North Carolina Historical Review, (January 1987), pp. 55-60
[4] Margaret Larkin - "Tragedy in North Carolina", The North American Review (Dec. 1929), p. 689
[5] Robert J. Cain - "Communism", Encyclopedia of North Carolina
[6] Robert Justin Goldstein - ", Little "Red Scares": Anti-Communism and Political Repression in the United States, 1921-1946, p. 51