The library at Virginia Union University, Richmond, VA lists this in its catalog:"Go Way Back and Sit Down" words by Elmer Bowman, music by Al Johns, published by F.A. Mills, 1901.
Millersville University, Millersville, PA also has it (but not online).
It was also recorded by Silas Leachman in 1901.
Apparently "Go way back and sit down" was a popular catch phrase in the 1890's, but I couldn't determine where it came from. Here's a quote from a short story called "Head and Shoulders" by F. Scott Fitzgerald, 1922:
"My people!" exclaimed the prodigy ferociously. "My people tried to make a monstrosity out of me." His face grew quite crimson at the enormity of what he was going to say. "My people can go way back and sit down!"
Sort of a euphemism for "go to hell" I suppose."My heavens!" cried Marcia in alarm. "All that? On tacks, I suppose."
"Tacks-- yes," he agreed wildly-- "on anything. The more I think of how they allowed me to become a little dried-up mummy-- "