As you further investigate, consider these two possibilities. I've been hesitating to chime in because I've not worked on this particular shutter, but have successfully overhauled a similar-aged one-speed shutter.
The levers are quite dirty and corroded. Cleaning and lubrication would likely make the shutter run a lot smoother.
The spring at the 'finger" most likely did intend to interact with the arm immediately above it. The arm (cam) appears to be quite worn, perhaps to the point where it no longer interfaces with the spring. In other words, it could be lever that is broken rather than the spring. (this is not unusual in antique cuckoo clocks where cams/levers sometimes need to be "re-shoed" to restore functionality.)
... but I could be completely wrong...
This might give you further insights. The description of Master Lever, part 16 and subparts (tripping lever, part 54) functionality might be useful information: