The fellows have the problem down. It is the governor damping ring falling apart. The small pieces of rubber plug the pump up inside. The repair kit is less than $50 but you have to have a few special tools and the knowledge to replace it. I replace the governor gage with a solid one that does not have the dampening ring in it. I have done that for thirty years an never had any issues.
The first picture is one of the replacement governor ring.
The second is of a dampener ring that failed.
Email me. I rebuild them but It would depend on where your at. Usually you can find local guys that can replace the dampening ring. You do not have to set any fuel metering adjustments. So if it was running correctly before it just needs cleaned out and the ring either replaced or the new style gage.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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