"There was blood on the saddle And blood all around, And a great big puddle Of blood on the ground. The cowboy lay in it All covered with gore, And he won't go riding no broncos no more.... For his bronco fell on him and mashed in his head."
The Fifes trace this piece back to something called "Halbert the Grim" (published by Motherwell in 1827). The melody is said to be the same, and both involve vast quantities of blood. There has been a lot of evolution along the way, though; I would not consider the two related if it weren't for the melody.
The version we usually hear focusses solely on the blood, but the Gardner/Chickering text gives a brief biography of the cowboy and talks of his sweetheart who has lost her love. - RBW