Likely not.... though a joke of moderate renown from the turn of the century through World War II (about a dozen hits come up in digitized newspapers from about 1910 through the 1940s, several in association with comedic troupes) it doesn't appear to be a real song; as explained in the liner notes to the CD you reference (Rounder CD 11569):

Feed your babies onions... so you can find 'em in the dark. It was always one of our favorite bogus song titles..."