While the chorus is well know, the verse(s) apparently are not. Perhaps the full text will help some who've made up the more bizarre interpretations:

From The Levy Collection, as linked by masato sakurai 27 Jun 02 - 03:02 AM

THE BAND PLAYED ON
Words by John F. Palmer
Music by Chas. B. Ward
Published by The New-York Music Company

Matt Casey formed a social club that beat the town for style,
And hired for a meeting place a hall.
When payday came around each week they greased the floor with wax,
And danced with noise and vigor at the ball.

Each Saturday you'd see them dressed up in Sunday clothes,
Each lad would have his sweetheart by his side
When Casey led the first grand march they all would fall in line,
Behind the man who was their joy and pride – For

CHORUS
Casey would waltz with the strawberry blonde,
And the band played on
He'd glide cross the floor with the girl he adored
And the band played on
But his brain was so loaded it nearly exploded,
The poor girl would shake with alarm
He'd ne'er leave the girl with the strawberry curl
And the band played on.

Such kissing in the corner and such whisp'ring in the hall,
And telling tales of love behind the stairs
As Casey was the favorite and he that ran the ball
Of kissing and love making did his share,

At twelve o-clock exactly they all would fall in line,
Then march down to the dining hall and eat
But Casey would not join them although everything was fine
But he stayed upstairs and exercised his feet – For

CHORUS

Now when the dance was over and the band played home sweet home
They played a tune at Casey's own request,
He thanked them very kindly for the favors they had shown,
The he'd waltz once with the girl that he loved best.

Most all the friends are married that Casey used to know,
And Casey too has taken him a wife.
The blond he used to waltz and glide with on the ball room floor,
Is happy misses Casey now for life, - For

CHORUS

A copyright date appears on the first page, but is illegible in the Levy image.

John