The saddle ring evolved from the "sling ring" mentioned earlier. Those sling rings were on guns as early as the 18th Century. Remember that in those days guns were single shot muzzle loaders. You discharged and then had to release the carbine so you could draw your saber. Thus the gun was not lost when the cavalryman resorted to cold steel.
Why do we have it nowadays? Tradition (and fun).
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Vigilantibus et non dormientibus jura subveniunt. Molon Labe!
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