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To excel or surpass all competitors, to be the principal in a body or society; an allusion to the fore horse or leader of a team, whose harness is commonly ornamented with a bell or bells. Some suppose it a term borrowed from an ancient tournament, where the victorious knights bore away the belle or fair lady. Others derive it from a horse-race, or other rural contentions, where bells were frequently given as prizes.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Bell * BellowsNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes
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Francis Grose was independently wealthy, having inherited money from his father, a jeweller. Finding himself overspending, he published a number of books; his Provincial Glossary seems to have been the starting-point for the Vulgar Tongue reproduced here.