To stretch a point; to exceed some usual limit, to take a great stride. Breeches were usually tied up with points, a kind of short laces, formerly given away by the churchwardens at Whitsuntide, under the denomination of tags: by taking a great stride these were stretched.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Pogy * PoisonedNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes