History and Reason for the 60 hp v8 engine

[FrankWest]

What is the history/development of the ford 60 hp v8 engine.
Early on with the first v8 engine which was rated at 65 hp the hp increasing to about 85. Then ford began developing a "smaller" v8 at 60 hp which was used for quite a time. Was this for economy? What king of performance did this 60 hp car have? Highway speeds?

This engine sure sound nice!
https://www.youtube.com/watch?v=k-KzRLNGjIw