The governor is not working. It's either gummed/rusted up, or has missing/broken springs (can't remember which would cause sluggish response, the other causes a runaway engine).
Get the problem with the carburetor leaking gas fixed first, then start looking at the governor and all the linkages back to the throttle handle.
Make sure you get the notch and pin lined up when you connect the governor to the carburetor.
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Today's Featured Article - Oliver 550 Purchaser Checklist - by Greg Sheppard. Pound for pound the 550 is better than anything I've seen. It has great power for its size and can really hunker down and lug. Classified as a 3-bottom plow depending on soil conditions. I personally don't think it can be beat for a utility tractor in the 40 HP range. They are extremely thrifty on fuel, at least my DSL is. Most drive train parts are fairly easy to get. Sheet metal is probably the hardest thing to
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