I always heard it as "You'll be gi'en a dainty doll, all the way from France - with a cap of Valency (valenciennes, a type of lace)" - more logical, since at the time lace was a VERY profitable smuggling item - ladies coming from the Continent would starve their "muff dogs" to make them smaller and then wrap them in lace and tuck them back in the muff where they wouldn't be inspected.

Yeah, it sounds a bit bizarre, but the story lingers and it's just weird enough to have been true once. ET