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 - Gettin My Old Tractor Home - by Clayton Sweeney. My name is Clayton Sweeney. I am from Southern Maryland in a small town called Lothian. I am 20 and my father and I are the proud owner of a 1954 Allis Chalmers WD-45. When I was 18, I dated a girl in the next county over. Her family are tobacco farmers. It was a cold Thanksgiving evening, and we were going up to her Grandparents house. As we passed one of their barns, I noticed something orange in the corner of my eye in this old shed. It was pretty dark and I asked what it was
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1965 International Harvester McCormick Farmall cub tractor 2,500. Two owner tractor. My grandfather bought new in 1966, then we inherited it. Have all the paperwork original manual and all maintenance records. It starts and moves. Comes with underbelly mower, plough, and some other attachments.
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