No, there is a differential which allows the wheels to turn independently and at different speeds. The handle is the parking brake handle. Your serial # is Q1901... not O1901....
In order to access the brakes, remove the wheels. Do not try to remove the slotted countersunk bolts. In the back of the brake drum there are 12 or 16 nuts that must be removed. Put a drain pan under the axle and remove the brake housing assembly. Remove the big slotted nut. Suspend the brake housing upside down between the forks and hit the axle shaft with a piece of wood and a hammer and you will see the brake assembly.