Richard Farina's song was popularised by Judy Collins and Joan Baez in the mid-1960s.
It was one of just two unoriginal songs on the Light Up the Fire album and Parchment (and their producer) demonstrated their ability to make it all their own, finishing with a folk club singalong and the line "We all live in a Yellow Submarine".
I had thought the band must have picked up the song from Baez or Collins, but according to the sleeve notes of the album, they first heard the song in a Liverpool folk club.
The writer of the song was just 29 when he died in 1966 in Carmel, California. More info can be found at richardandmimi.com