Spanked By Captain Easy
From The Funnies #23 (1938), spy Helga gets a spanking from Captain Easy:
Via Chicago Spanking Review (which has a lot more details about the comic).
See Also:
Spanking Blog: Adult Erotic Spanking At Its Best
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Bondage Ass Beatings Movie:
Detention House 3: Severely Punished Delinquent Girls
"...and then the spanking starts. Brutal, totally uncompromising. You have never heard screams and shrieks as terrible as these..."
An all-time vintage classic, suitable for framing.