The barracks room song was a parody of the hymn “Kind Words Never Die.” And, unlike the ending of MacArthur’s farewell address, The lyrics of this old army song are more humorous than schmaltzy.
It seems that most of the online searches are American red songs reinterpreted according to the spirit of MacArthur's speech.
OLD SOLDIERS NEVER DIE, NEVER DIE, NEVER DIE
OLD SOLDIERS NEVER DIE, THEY JUST FADE AWAY