Green’s Dictionary of Slang

ribbon n.1

gin; spirits in general [var. on satin n. (1a) and like it implying the smoothness of good gin].

implied in blue ribbon n. and white ribbin under white adj.
[US]Matsell Vocabulum 74: ribbon Liquor.
[UK]Hotten Sl. Dict.
[UK]Sl. Dict.

In phrases