Song was written by Craig Wood about his friends Peter and Lou Berryman when they had a sojourn in Canada during the Vietnam War.
Craig is an old psychedelic warrior (Papa in Papa Bear's Medicine Show) while Peter and Lou are well known folk music performers in the Wisconsin area.
Craig was so impressed with his friends' joie de vie and their pleasures in life that he wrote this song... and Valdy did a damn decent job of singing it.
This is about the joys of youth, and wanting to get back to them "some day". He watches others and remembers his childhood, so he reaches back too, in his memories... play a Bessie Smith record, and skate with...
Valdy's songs are pretty well all about introspection(looking inward), and feelings of peace, love and happiness. The fact that he was long-haired, bearded, and living in the mountain backwoods in the early 70's doesn't make him a hippie... does it? Oh...yeah... I guess maybe...