The Collaborative International Dictionary of English v.0.48:

Paraphrase \Par"a*phrase\, v. t. [imp. & p. p. Paraphrased; p.
   pr. & vb. n. Paraphrasing.]
   To express, interpret, or translate with latitude; to give
   the meaning of a passage in other language.
   [1913 Webster]

         We are put to construe and paraphrase our own words.
                                                  --Bp.
                                                  Stillingfleet.
   [1913 Webster]