Two lovers talk on Blackwater-side. He says "when I'm in Americay I'll be true to my Irish maid." She says "in Americay some pretty girls you will see." She says many who have crossed the Atlantic are drowned so "stay on shore." We assume he leaves.
Kennedy lumps this with "Down By Blackwaterside," and I have to admit that there are strong points of contact, both lyric and in plot. This song, however, appears to take a slightly different direction, so I have, with much hesitation, split them. - RBW
The OCanainn text adds a verse to Peacock and ends "I'll stay at home and I'll not roam from my lovely Irish Maid." - BS