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
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.
a blue ribbon worn as a badge of honour; thus referring to the quality of the best gin
[early 19C] gin.
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.
Blue ruin: gin.
- Lexicon balatronicum: a dictionary of buckish slang, university wit, and pick pocket eloquence · 1st edition, 1811 (1 vol.). London