One of those levers is marked draft control, the other is the lift control. The draft was MF's way of automatically leveling a plow or other implement attached to the tractor. You'll note there is a top link arrangement coming out of the top of the lift cover under the seat. In that there is a disk, a stout spring, and a small rod. Depending on how sensitive you have the draft control set, the action of the implement on that top link will automatically adjust the lift arms, keeping a plow or disk level against the ground. That was the Ferguson system.
Whether or not your is working properly is hard to say from your description. All the way up provides for little automatic draft adjustment, all the way down is a lot. Often that little rod gets rusted in place, or the linkage to the top link gets frozen in place. Look at it carefully and you'll figure out how it works.
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