Rewind: not sure what brands are available to you, but I know other members that used to post on the big vise thread from your part of the USA that would post up some pretty nice old vises.
that little columbian can be a decent user vise, but like ExMax mentioned the clip is probably broken holding the main screw to the dynamic. like other members mentioned with the handles being bent more than likely there is damage to your main screw and vise nut. sure it can be saved and repaired, but not worth the time or money when you can buy one in great shape for $75 or less if you look around cause they are fairly common.
keep looking and if you can buy an old pre WWII vise for maybe a bit more that is a REED, ROCK ISLAND, ATHOL, STARRETT, PARKER, YOST, PRENTISS, CRAFTSMAN and several others it will be money well spent cause it should last you the rest of your life.
I've got more than a few good old vises I'd sell for about $100 +- if you were closer and shipping costs wouldn't double the costs so maybe one of the members here can help you with a vise they no longer use.
good luck and ask questions if you have any.