Green’s Dictionary of Slang

1. a broken-down horse.

1785, 1788, 1796		Grose Classical Dict. of the Vulgar Tongue.
1786		Whole Art of Thieving 18: [note] A horse buck’d, is almost blind; sniches is glander’d; pipers is broken winded; grog’d is founder’d; jack’d is spaven’d.
1811		Lex. Balatronicum.
1823		Egan Grose’s Classical Dict. of the Vulgar Tongue.
1845		Bell’s Life in Sydney 6 Sept. 3/2: One on em's a roarer, the other a piper, and tother’s got a seedy toe.
1859		Matsell Vocabulum 68: piper [...] a broken-winded horse.
1895		C. Crowe Aus. Sl. Dict. 59: Piper, a broken-winded horse.

2. a human who is out of breath.

1824		Pierce Egan’s Life in London 17 Oct. 5/2: Both tired — the piper at work; bleeding nobs and swollen features.
1832		Egan Bk of Sports 190: Dobell was now a rank piper.
1859		Matsell Vocabulum 68: piper A short-winded person.