Waring's Pennsylvanians perform the song "Laugh! Clown, Laugh!" with Fred Waring singing. This song is interesting in that it is based on a theme from the opera "I Pagliacci" (according to the source for the lyrics). it's a pretty tune, though a bit of a downer, so I suppose it fits Pagliacci well!
Here is the flip side:    • The Dance Of The Blue Danube - Waring...  

Lyrics (Transcribed from: lyricsplayground.com)
Life is a play and we all play a part
The Lover, the Dreamer, the Clown

The Dreamer and Lover are always in tears
The Clown spreads sunshine around

The life with a smile is the life worthwhile
The Clown till the curtain comes down

Even though you're only make believing
Laugh, Clown, laugh!
Even though something inside is grieving
Laugh, Clown, laugh!
Don't let your heart grow too mellow
Just be a real Punchinello, fellow

You're supposed to brighten up a place
And laugh, Clown, laugh!
Paint a lot of smiles around your face
And laugh, Clown, don't frown
Dressed in your best-coloured humour
Be a pallietto and laugh, Clown, laugh!