Lyric discussion by Paega 

I think it's about Gillian Welch coming to realise that most of her songs are about times and situations that she's not experienced herself. Therefore, though she's in love with the folk music of the '20s and '30s, she can't be considered an authentic voice ("I'm a pretender, I'm not what I'm supposed to be"). She hopes she is doing the music justice ("But who could know if I’m a traitor? Time’s the revelator.").

It is "They caught the Katy and left me a mule to ride". To catch the Katy is to jump onto one of the goods carriages of a moving train and hitch a free ride, common practice for those crossing the country looking for work duing the depression (the authentic voices). She's saying they experienced the real thing, she is left with only an echo of those times.

I think it's "and all the spindles white", i.e. the waggon wheels used as decoration on houses, which are generally painted white. They're meant as tokens of rural authenticity, but ("everyday it's getting straighter"), that they're equally pretenders. She's tired of the pretensions and sets off for California, she no longer feels the need to live the rural life to write songs. Time's the revelator :)

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