This song sounds like life in the mines, when the workers were housed in company housing and worked in the mines from dawn to dusk under dangerous conditions.
Instead of cash, they were paid in company scrip that could only be spent in the company store. But they weren’t paid enough to cover expenses, and the company extended credit and kept them in debt.
At last unions began in the north and spread to the south, which greatly improved conditions for the workers.
There's more about this song (including quotes from an interview with Tennessee Ernie Ford) here:
River of No Return (on Pop History Dig)