With allusion to Zechariah 9:11, ‘Thou also thorow the bloude of thy couenaunt shalt let thy presoners out of the pytte, wherin is no water’ (Coverdale), which is usually understood as a metaphorical reference to the Babylonian captivity..
Origin
Late 16th century; earliest use found in John Northbrooke (fl. 1567–1589), Church of England clergyman and author.