I came to town to search for gold 
And I brought with me a memory 
And I seemed to hear the night winds cry 
Go hang your dreams on the hanging tree 
Your dreams of love that will never be 
Hang your faded dreams on the hanging tree. 

I searched for gold, and I found my gold 
And I found a girl who loved just me 
and I wished that I could love her, too 
But I left my heart on the hanging tree, 
Left my heart with a memory 
And my faded dreams on the hanging tree. 

Now there were men who craved my gold 
And meant to take my gold from me 
Where man is gone he needs no gold 
So they carried me to the hanging tree 
To join my dreams and a memory 
Yes, they carried me to the hanging tree. 

To really live you must almost die 
And it happened just that way with me 
They took my gold and set me free 
And I walked away from the hanging tree 
I walked away from the hanging tree 
And my own true love, she walked with me. 

That's when I knew that the hanging tree 
Is the tree of life, new life for me 
The tree of hope, new hope for me, 
The tree of love, new love for me, 
The hanging tree–the hanging tree–the hanging tree