From Wikipedia (so take it for what it's worth):

Quote
The term "horsepower" was coined by the engineer James Watt (1736 to 1819) in 1782 while working in the performance of steam engines. This occurred while using a mine pony to lift coal out of a coal mine. He conceived the idea of defining the power exerted by these animals to accomplish this work. He found that, on the average, a mine horse could pull (lift by means of a pulley) 22,000 foot-pounds per minute. Rather than call this "pony" power, he increased these test results by 50 percent, and called it horsepower i.e. 33,000 foot-pounds of work per minute.


http://en.wikipedia.org/wiki/Horsepower


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