It is implied that the man is using heroin intravenously, to escape his own thoughts.

The first section of the first verse introduces the protagonist of the song. The omniscient first-person Johnny Gourley details a man with bags around his eyes, which we later learn is from drug addiction and the sleeplessness associated with it. The “folded banks” inside of his pockets (pockets here has a duel meaning) refers to the illegitimate money he’s acquired to fund his drug addiction.

Perhaps an early version of (or the antithesis of) the “gritty”-toothed man that the band recounts in their later release, Church Mouth.

We met the man in the deep, deep south with with the shit teeth smile
That poured about the church’s mouth.
March stayed with the dirty old church mouth.

More violent, nautical imagery. Seal clubbing is done commercially by a handful of countries (the largest importers of Seal fur are China and Russia) and personally for sport by some. Seals also have a number of traits, including a “bark” which, while not quite doglike, certainly support the fact that both seals and dogs belong to the Caniformia suborder.

http://www.youtube.com/watch?v=OlrcbKlW4Tw

Hunger in Africa is a worldwide concern, where some impoverished areas (Niger, Ethiopia, Kenya) may go days without seeing food pass through their village. This puts forth the violent imagery of the hatchet “devouring” the arm with a voracious appetite. Alternatively/supplementally the line may serve to show the primitive tools still used by some tribes in the continent.

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This break is littered with sexual imagery. The first line seems to coin “Child bearing games” as an idiom for intercourse while the second line may be interpreted as a woman “getting wet” or sexually aroused.

The imagery introduces a man holding a gun with black gloves on.