When he buys the horse, the salesman says "This horse belonged to a priest, so to make it move you have to say Praise the Lord! and to make it stop you have to say hallelujah."
The cowboy takes the horse for a ride. He's riding the horse but then forgets how to stop it. When he remembers, he says "Hallelujah!" and the horse stops right at the edge of a canyon. After that he thanked God for saving him and yells "Praise the Lord!"
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