The Hoosier Hotshots sing about a man who made a long walk dressed only in long underwear, a coonskin cap, and a four-foot piece of rolled cotton for a beard in this soundie.
Soundies were short films, about three minutes in length. The were meant to be played on a machine called a Mills Panoram, a video jukebox that was typically to be found in bars, lounges, and similar venues. You put a dime in and got a performance from the ten on the machine. The movies would be changed weekly, and from 1940 through 1946, Mills and other companies produced more than two thousand soundies.
As a general rule, I find that any band that uses a washboard as a musical instrument trying to be funny is overdoing it. This one is an exhibit in support of that statement.