Green’s Dictionary of Slang

(orig. US) a friend, esp. as a form of address.

1934		F. Nebel ‘Take It and Like It’ in Ruhm Hard-Boiled Detective (1977) 105: Well, ’f it isn’t Rube. Meet my palsywalsy, Signor Mirabelli.
1937		J. Curtis You’re in the Racket, Too 152: Now, palsy-walsy, you ain’t answered me question yet.
1937		T. Thursday ‘The Wild Whampoo of the Whampolo’ in Blue Ribbon Sports Dec. 🌐 Neither Professor Shann or his palsy-walsy could see the humor.
1940		T. Thursday ‘There’s Hicks In All Trades’ in All Sports Feb. 🌐 Funny Puss replies that he is very delighted, indeed, to hear from an old palsy-walsy.
1945		P. Cheyney I’ll Say She Does! (1955) 18: How come, palsie?
1950		T. Thursday ‘Hart Failure’ in All Sports Aug. An old palsy-walsy from Perth Amboy, New Joisey.
1959		A. Sinclair Breaking of Bumbo (1961) 84: It’s all those King’s Road palsy-walsies of yours.
1962		(con. WWII) J.O. Killens And Then We Heard The Thunder (1964) 387: We’ll clean ours after the war – right, Solly, old palsy-walsy?
1976		N. Thornburg Cutter and Bone (2001) 177: The three of us here together again, old palsies having a few drinkies.