Originally, 'welkin' referred to the sky or heavens, so the phrase has a poetic background. When the townsfolk celebrated, they really made the welkin ring.
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Archaic Context
The phrase is old-fashioned and rarely used today, but can add flavor to historical or fantasy contexts. The knights' victory cry was so intense it made the welkin ring.
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Literary Allusion
It's often found in literature and may signify a connection to classical texts or Shakespearean language. As we read in class, 'let the welkin ring' gives a Shakespearean vibe to the story.