Sometimes I lead sometimes I follow
This time I'll go where she wants me to go
She said maybe today maybe tomorrow
Go deep in the woods down the low valley road
While no one was lookin on the old plantation
He took her all the way down the long valley road
They sent her away not too much later
And left him walking down the old valley road
Walk on, walk on alone
Walk on, walk on, walk on alone
Out in the hall they were talking in a whisper
Everybody noticed she was gone awhile
Somebody said she's gone to her sister's
But everybody knew what they were talking about
While no one was lookin on the old plantation
He showed her what they do down the long valley road
She came back around like nothing really happened
And left him standing on the old valley road
Walk on, walk on alone
Walk on, walk on, walk on alone
Standing like a stone on the old plantation
The rich old man would have never let him in
Good enough to hire not good enough to marry
When it all happens nobody wins
Walk on, walk on alone
Walk on, walk on, walk on alone [ Lyrics from: http://www.lyricsmode.com/lyrics/b/bruce_hornsby/the_old_valley_road.html ]
This song tells a story that turns the stereotypical gender roles inside out. A hired man is seduced by the rich man's daughter, "this time i'll go where she wants me to go. " she plays with him, "maybe today, maybe tomorrow".
The girl gets pregnant and goes away to hide the pregnancy. It is not an abortion as this would not have required enough time for people to notice. Also it is common for girls to go away to a relative's home during a 'shameful' pregnancy. This line explains it: "out in the hall their talking in a whisper, everybody noticed she was gone awhile, somebody said she'd gone to her sisters".
The man is left to journey through life alone, "left him standing on the old valley road, walk on, walk on, walk on alone. "
I doubt this has a racial context as unfortunately a white man is more likely to have been left alone in this situation. A black man would likely have received more tragic consequences as did the character in to kill a mocking bird for his so called 'crime'.