So I'm working on the brake system of my nifty new 1977 Dodge Grand Sportsman Van, replacing all the hydraulic lines, on account of if three of them pop, the rest of them are about due. But whilest I'm taking things off and putting them back on, There's this little nub that apparently USED to be covered with rubber, and that I don't know what it does. Bolted to the frame under the driver's seat is a unit that looks sort of like this:


So I've got two lines coming from the dual reservoir, (and presumeably, the master cylinder), one line going to the back of the van where it splits at the rear axle to serve both rear brakes, one line going to each front brake (in kind of odd places, too) and a wire that apparently feed the brake-warning light. SO far, so good.
But in the front of this block, where I can't get my head around to see it, there's a stub of wire, or short-tube, or toggle-switch, or something, that's got shreds of rubber hanging off it. What IS that thing, is it supposed to be connected to anything else, and does the fact that the rubber (cover?) is not intact mean that the whole things going to suddenly blow up, freeze solid, or burst into flame?

The brakes WORK, right now.