An archaic or rare term possibly referring to passing by, bypassing, or the state of something going past; the exact meaning is obscure.
Combining 'by' (beside, past) with 'going' (the present participle of 'go'), it likely expressed the action of passing beside or moving past something.
Compound words with 'by-' in Middle English were incredibly creative and specific—speakers could coin words on the fly to express subtle ideas about position and direction that simple verbs couldn't capture.
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