I've looked on google and so far I can only find definitions and usage examples. I'm particularly curious where the 'blue' comes from as 'ruin' makes intuitive sense
Learn English – the origin of the term ‘blue ruin’ for low-end gin
etymologyexpressionsslang
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Best Answer
According to Green's Dictionary of Slang, "blue ribbon," at one point meant "the very best gin," and later came to mean gin in general.
Green attributes this as a precursor to blue ruin, for the ruinous effect of particularly bad gin on a person's health.
The earliest uses I can find in either OED or Google Books are instances of the term being defined as simply gin in slang dictionaries.