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I think that is a vacuum reservoir. A friend of mine who was anti Ford bigtime used to joke that it was nothing but a Folger's coffee can painted black. Some years use a round plastic ball on the inner fender for this purpose.
I thought it might be a vacuum reserve for air cond. controls. I tossed one in a 79 i don't have anymore and the air controls were not working right when i got rid of it. So i think back and wonder if that's what caused it.
In the vehicles I've seen, the fruit juice can is used by the engine controls, and the softball-sized black ball is only installed when air conditioning is installed (the HVAC controls use it).
Vehicles without AC have cable-operated ducting instead of vacuum motors, the reservoir keeps the ducting doors from changing positions during times of low or no engine vacuum.