Don't gauge the bike by anything other than your own fit on it. I wouldn't get too caught up in the whole "bars and saddle should be level" rule, which tends not to apply with most racing bikes, where it is common to have the bars below the saddle (usually a in proportion to rider height). If we were talking about a 1950's or 60's racing bike, well, okay. But we're not. And we're not talking about a randonneur or a commuter.
The Paramount is a road racing bicycle, and the bars should typically be somewhat lower than your saddle if you wanted a typical racing type setup for a road racing bike of the mid 70's onwards.

If you are not wanting a "racer" fit, then it is quite possible another bike would be a better all around choice than to try to adapt a racing bike to a more casual fit.

EDIT: Based on the photo, the seatpost height and stem height look totally fine. For that size frame, a "racer" fit would have the bars 2-3" lower than the saddle. Obviously, this will vary from person to person.