First, if I recall correctly, there is no adjustment for the cable, that is why there is a spring on the end of it.
Second, I'd venture to say, when it is connected, the reason you see an inch of cable wire
is because:
A. The pivot bar has applied maximum tension to the belt and can move no further, thus the the cable spring stretches out as it is supposed to.
or
B. The pivot is bar is binding at some point before it gets full tension on the belt, but
the cable spring know no difference and stretches as it is supposed to.
Personally, I would take the pivot bar off, check for binding, lubricate, go from there.
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