I have seen these before, and I believe it to be a fuse. The "solder" is actually the same thing as the element in a modern fuse. Works on heat. If the ambient heat or the resistance in the circuit rises too high the connection you soldered lets go and opens up. It's a one time use device. I don't necessarily agree that a circuit breaker in the line will give the same protection. I would replace the whole unit and display it as an antique.
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Today's Featured Article - Memories of a Farmall C - by Monty Bradley. When I was a child, my grandparents lived on a farm owned by a Mr. Walters. The crops raised were cotton and soybeans, with about forty head of mixed breed cattle. Mr. Walters owned two tractors then. A Farmall 300 on gasoline and a Farmall C, that had once belonged to his father-in-law, and had been converted from gasoline to LP Gas. Many times, as a small boy, I would cross the fence behind the house my grandparents lived in and walk down the turn row to where granddaddy would be cultivati
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