To hang an arse; to hang back, to be afraid to advance. He would lend his a—e and sh-te through his ribs; a saying of any one who lends his money inconsiderately. He would lose his a—e if it was loose; said of a careless person. A—e about; turn round.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Ars Musica * Arsy varseyNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes