Looks like you've got multiple problems there. For starters, the brake pedal itself appears to be clocked wrong in relation to the brake shaft that runs through the frame. So...
1. loosen the brake adjuster on the back wheel... a lot... so it's not even engaging. That's gonna allow the brake pedal to droop.
2. This bolt** is the up-stop. Screw it in until the pedal rests about horizontal with the foot peg... where it's comfortable for you when the brake's off. You'll have to hold it up with your hand at this point.
2. Remove the brake pedal from the splined brake shaft and rotate the brake shaft forward a few splines in relation to the pedal. In other words, add some tension to the spring you were pointing at then reinstall the brake pedal.
3. Reclock the brake lever back on the wheel so that the lever and the long rod going forward are perpendicular when the shoes just touch the drum.
4. Now adjust the brake at the rear wheel so you have about a inch or so of movement when you step on the brake pedal.
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