Interpretations:Canada Haunts Me
"Black horses" could refer to the dark horse candidate, Polk. Or it could actually be talking about horses.
And "fifty-four forty or fight" was Polk's campaign slogan to aquire the Oregon territory. 54-40 was the northern parallel of the territory, with Russia's Alaska to the north. Oregon was owned in a joint sovereignty between the US and Britain at this time, and Polk was ready to control the land if he won the presidency.
The title of the song is probably a reference to R. Dean Taylor's Indiana Wants Me.
- Well, TMBG already covered Indiana Wants Me.