Both of these words were corruptions of the French eau-de-Cologne. We can't quite pronounce those foreign words so mangle them into something we can manage. The white settlers in North America had to contend with complex native languages and pronunciation. Bill Bryson, in Made in America, tells of whites trying to pronounce Native words like Pawcohiccora before giving up and just calling it hickory. (The Native people meant the fruit from the tree rather than the tree itself.) The Native word Metaquesunauk didn't get very far on white tongues, either. So they just called it a Prickly Pear and moved on.

Sadly, neither hodycoloony nor holly-galone survived. Which is a pity. I like a bit of hodycoloony!