Beating. I’ll lace your jacket handsomely.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
See also the definition in Nathan Bailey's 1721 dictionary of canting and thieving slang.
laced mutton * ladderNathan Bailey's 1721 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes