Hell <bent> for leather? Origin?

What’s the origin of “hell for leather”, or “hell bent for leather”, as it’s sometimes put? And what exactly does it mean, just “extremely ardent”, or is there more to it than that?

From the word-detective, http://www.word-detective.com/back-y.html

I’ve always assumed that hell for leather was part of one of those joke alphabets that were popular in the late 19th and early 20th Century: A for horses, B for mutton, etc; but I have no evidence to back this up.