1736 Canting Dictionary / L / LACING [punishment]
beating, drubbing; I'll Lace your Coat, Sirrah! I will beat you soundly!
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Entry taken from 1736 Canting Dictionary, by Nathan Bailey.
Lacing in the 1811 Vulgar Tongue
Also see examples in Canting Songs and Slang Rhymes collected by John S. Farmer (1896).