American dancing master, and ball-room prompter: containing about five hundred
dances ... By Elias Howe .. 1862

SILVER LAKE WALTZ.
(must be improper, sez APW)

First and second ladies join hands and waltz across and back (gentleman single
on the outside at the same time), first and second gentlemen join hands and
waltz across and back (ladies on the outside at the same time), first couple
waltz down the centre and back--first two couples waltz quite round each other
to places.

A1: 1-4: women turn right hands in waltz time while the men face right and
         orbit them
    5-8: and left hands back while the men come back

A2: 1-8: change roles but keep direction; men turn right, women orbit 

B1: 1-8: 1s open waltz down the center and back to 2nd place

B2: 1-8: 1s and 2s waltz round each other.


Alternative A1:
(could be proper)

A1: 1-4: Women take two hands and travel turning to men's line
         (men splitting and moving to women's place)
    5-8: women cast back to home place while men fall back together to
         home place.  (That is, men do a mirror do-si-do while women
         do a turning drawers figure).

A2: 1-8: As above with roles reversed.



That's way beyond interpretation, but it'd make a cool dance.


Tune seems to have been around 1840s-1860s and there's several youtubes of a version from a Banjo tutor. 
There's another Silverlake Waltz that seems to be an import from Scandinavia in the 1900s; don't use that.
The version above works nicely with Southwind or Bonny at Morn.