This is probably my favorite Townes Van Zandt song. This particular recording from the “Live at the Old Quarter” album. There is the joke, and the way he tells it at the beginning, then there is the story of the song itself, and then there is the way he sings it. 

Especially the way he sings it, what with the flat picking style of the guitar - it feels forceful - like a wave pushing forward and rising in intensity and finally the wave breaks when he sings “So amigo, lay them raises down”