I'm no expert but isn't that a sway bar? I'm sure I'll get the terminology wrong but: after I noticed it, I looked up behind the wheel and saw the drop link (?) connecting it to the axle.
Mine's a '74, as far as I know they weren't an option for the '74 models. But it looks like it came from the factory that way. I'm confused (but hey, happy, if I'm right about it being what I think it is).
Thoughts?
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