Bearhart - from what I remember hearing about the song, it's a Dublin street ditty about a real person, presumably a young lady from Spain, who was set up with a house or apartment in Dublin by her lover, a prominent aristocrat. Although he tried to keep it secret, the arrangement soon became public knowledge, and the lady, who was thought to have promiscuous tendencies, became the subject of this popular song of the day. The number supposedly refer to the fact that she had too many lovers.

Cheers,
Michael