A liberal interpretation: When you see this (particular) garter don't think of bad things, you scurrillous man, because this garter is a sign of valour--it is not a lady's thigh you should have in your mind right now. And shame on you
Updated to current-day English, I would say, "Shame on any of you (dirty-minded people) who take it the wrong way." where "it" is the event recounted at the site Marius provided. (The implication is that what happened was innocent.)