I never did know that. It was just a nonsense song to me that we sang as children. But, in trying to figure it out, maybe Jimmy is just a generic name, like GI Joe, and I always supposed that "crack corn" had to do with moonshine in some way, although maybe crack corn is popcorn, don't know, and like you, don't much care. Never did like the song, 'cause it was stupid.

Maybe it derives from some political or social happening of the time, much in the way that nursery rhymes do. Like "Mary, Mary, quite contrary" is about Mary, Queen of Scots, and Ring around the rosy is about the Great Plague.

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