Don,
Nice score.  What you have is a straight bar Schwinn.  With it spray painted who knows what it was called.  That doesn't matter, what matters is the frame is the same as a Panther, Autocycle, Motorbike and a number of other names, color schemes, decals, fake gas tanks, special lights to make them different over a period of a couple decades.  You got a bike at the tail end of that frame model.  I'm not sure when they stopped making it, but it is a classic.  I found one with the same frame (1950) at my local dump a couple of years ago and it remains my best find ever.  Call it a Panther, that's what most of us do regardless of the decals or paint scheme it came with... same bike.  You did very well.  A frame like that on ebay is well over a hundred just for the frame alone.  Your seat can easily be redone and is worth redoing.  I can point you to a how-to thread if you wish.  The rear coaster brake is a good one with large ball bearings inside.  I imagine it is the Bendix with a single red band.  If there are three red bands it is a two speed kick back hub worth a fair amount even if a pain in the orsche. If it is a Bendix with no band then it is the same diameter hub as a Shimano CB110 and can use a clam shell hub adapter if you wish. The wheels themselves are strong.  I have redone several and laced them up with 12 gauge spokes.  Nothing like a vintage wheel that came on the bike.  You can lace a moped or other drum brake up front and have a wonderful front wheel in keeping with on old motor bicycle for not too much money.  
I have both a Worksman newsboy frame and a Panther frame and I like the Panther best.  You're going to love this bike.
SB