E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
Sky.
To elevate, ennoble, raise. It is a term in ballooning; when the ropes are cut, the balloon mounts upwards to the skies. (See SKIED.)
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We found the same distinguished personage doing his best to sky some dozen or so of his best friends [referring to the peers made by Gladstone].The Times, November 16, 1869.
If the sky falls we shall catch larks. A bantering reply to those who suggest some very improbable or wild scheme.