Yanking-nth-arg not Working

[thomglow]

When I try to yank back an argument from a previously run command, the key combination of A-C-y yanks back the most recently killed text from the buffer instead of from the previous command history entry.
Example: C:> echo a b c d e
a b c d e

Then, if I type Alt-1 followed by A-C-y, I believe that I should get the single letter "a" at the prompt, but instead, I get whatever is in the kill buffer.