Benbow captured the popular imagination of the day, in part because he was that unusual thing, a naval commander risen from the ranks. I believe that he started out as a butcher's boy. He also had his share of brushes with authority; in the 1680s he was court-martialed for something or other, and transferred to the Merchant service for a few years, re-joining the navy in 1689. The inn in Treasure Island was named after him.
There is a broadside copy of this song at the Bodleian Library:
Admiral Benbow Printed between 1820 and 1824 for W. Armstrong, Banastre Street, Liverpool.