The story
Found as early as 1837, in Pickwick Papers by Charles Dickens, where it appears in the form, “It’s a reg’lar holiday to them—all porter and skittles”. The most common form, as a negative admonition, appears to have been popularized by Thomas Hughes in Tom Brown's School Days (1857, see quotation below).
Etymology from Wiktionary, CC BY-SA 4.0.