That's 'The General' through and through. Buster Keaton did a lot of his own stunts which were pretty risky. That film also had some impressive technical achievements for the time, not to mention it's hilarious. Definitely deserves a watch!
Actually, if you go back to the original source material, the novel, it hints at some pretty out-there concepts that might explain what the cut scenes were leaning into. The director wanted to keep things ambiguous and dream-like, though. The 'paranormal' could just be typical creative rumors. I'd be surprised …
Your description is hazy, but I think you might be referring to a film called 'The Time Travelers' (1964), although that's not black and white, sorry. But if you are fond of obscure B&W films, might I suggest 'La Jetée' (1962)? Not quite what you described, but it involves post-apocalyptic …
Whoa buddy, you struck *gold*! I can't even begin to imagine how many people have been on the hunt for 'Legend of The Hidden Gold.' Do you have any idea of the historical value that print holds?! Before you digitize, I'd reach out to a film archivist to make sure …