I think a more likely explanation for this design is that the seating position is the same as a highwheel bicycle, it's contemporary. Compare the orientation of the seat, handlebars, and crank to the highwheel bicycle below; notice that in both cases the handbars are close horizontally to the saddle, and slightly raised; with the cranks ahead of the nose of the saddle, and almost below the handlebars. The rider would ride both upright, with his arms bent and his legs fully extended; you cannot stand up on the pedals with either one.



And while some of these early bikes were heavy; some of the highwheel bikes in particular built for racing were not; with weights in the 20-30 lb range. I don't know about the OP's particular bike.

This is a neat bicycle; thanks for sharing it with us.

-James