translation of "take the snap out of garters!"

Good day for everyone!
While watching the silent movie “It” with Clara Bow I found there a phrase:
“I’ll take the snap out of your garters!” - I believe it is to be somekind of a threat… as a reaction on an ironic utterance.
Could anybody clarify what it means exactly?

It is a threat, but not a serious one. It’s a joke. He’s suggesting that he’ll make her feel less confident, sure of herself.
(Take the elastic (the snap) out of her garters (items to hold stockings up).

If it’s said to a man, then the same thing applies but garters would be the things that hold socks up.

Thank you!