Paddy leaves Ireland for Scotland "where everything is free." His father and sweetheart are unhappy and his mother is sure he'll drown. There's a storm. He asks the captain to stop the ship so he can walk home. If he ever gets home he'll not roam again.
This sounds a bit like it might be a parody on one of the songs in which an Irishman goes to Scotland and falls in love. Examples of that type include "Paddy's Land" and "The Shamrock Shore (The Maid of Mullaghmore)." - RBW