So it sounds like the governor spring is stretched, broken or even missing.
The spring is between the throttle cable and the governor lever.
Your throttle cable connects to a lever then the spring connects to that lever and pulls on the governor lever when you move the throttle lever cable. As the engine speeds up the governor lever will move the throttle in the carburetor. If this spring is missing there is no connection between your throttle cable and the governor.
One other thing you may want to look at is the clamp that holds the throttle cable tight down on the engine. If this is loose it can cause this problem you speak of. But I would lean toward the spring myself.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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