We don't recognize this strip - as far as we know, there was never one called "Laughing Wolf" - but Indian (or First American, if you prefer) characters have often appeared in comics, for example Lonesome Polecat in Li'l Abner. In any case, as we mentioned here, this is a variation on the Groucho Marx line, "Get a canoe and I'll paddle you!" In furtherance of the joke, the Indian lass is named "Plenty Bear", so we're to understand she'll be spanked "plenty bare" in the future.
Good OTK positioning and a cute spankee make this a satisfying panel. While we don't know its origin, we think we found it on the Spanking Classics forum. By the way, Bill Wenzel did a little-known Indian spanking cartoon for Humorama that we're going to post later this year in the Humor Section.
