Prohibition Party
The Prohibition Party's proudest moment came in 1919, with the passage of the 18th Amendment to the United States Constitution, which outlawed the production, sale, transportation, import and export of alcohol. The era during which alcohol was illegal in the United States is known as "Prohibition".
Cocktails for Two
The song seems to refer to the ending of Prohibition in the United States. Mentioned discreetly in the song's introduction is that people could be "carefree and gay once again". The song was written in 1934, and the 21st Amendment, which ended Prohibition, was ratified in December of the previous year.