Further thoughts or corrections.
first verse (verse is two lines.

Heres a health to the merry blacksmith the best of all fellows
who works at the forge while the boy pumps the bellows

Full Ch goes:-
Which makes my bright hammer to rise and to fall
heres to old Coal and young Coal and old Coal (and)or(of) all
Twanky dillo twanky dillo twanky dillo dillo dillo
and he played on his merry bagpipes made from the green willo