See quotations: the second agrees with the English meaning of the same phrase, as given in the Slang Dictionary. For a third meaning see GROSE.
1816. This whipping the cat is nothing more than a parcel of trades puffing at one anothers heels, of a morning, to borrow money.J. K. Paulding, Letters from the South, ii. 172 (N.Y., 1817).
1851. [He] made shoes, a trade he prosecuted in an itinerating manner from house to house, whipping the cat, as it was termed, and drank excessively.S. Judd, Margaret, i. 19.