Nothing stupid about it. The wishbone on the front and rear axle is there to stabilize the axle, keep it twisting and 'folding under' when the brakes are applied. But still allow it to move freely up and down and pivot as one wheel dropped in a hole, or road up over a hump in it's path.
The name wishbone was shortened to the slang term of 'Bones'
'Split bones' again is a slang term, for cutting away the single ball pivot that Henry (and other auto makers of the time) provided. These were replaced by the hot rodders and racers, with a welded bung and rod end to each 'bone' and provide the pivot that was removed from the end of the wishbone.
This was done for various reasons, but mainly to lower the suspension and car, and provide the needed clearance for many engine swaps being done. Most engine oil pans would hit the wishbone otherwise. The easy way out was to 'split the 'bones' and move the ends to the outside of the frame rails.
This still provided the needed stabilization for the axle, but causes the I beam axle itself to twist a slight amount as one wheel drops in and out of a hole or travels over a hump due to the change in the suspension geometry. Henry and the others made good stuff, so the slight twisting never really posed any problems.
The panhard, or panhard bar keeps the frame and axle aligned with each other while cornering. (Also refereed to as a sway bar, but really it's an anti sway bar) With pivots at each end of the panhard, the suspension is allowed it's travel up and down, while the panhard stops any side to side sway or motion. Here's some pictures I dug up and labled, that might help clarify.
