Yes, there is, there's an upward-facing bolt with a lock nut on it on top of the governor that sets the high speed limit. Screw it "in" and forward throttle lever motion and high engine speed is limited, screw it out and the throttle lever will be able to move farther forward and engine high idle will increase.
The two levers on the governor are not directly connected, some "lost motion" between them is perfectly normal.
There's not NEARLY as much "magic" involved in basic governor action as some would like to have you believe.
The governor spring tries to pull the carburetor throttle butterfly wide open as soon as the throttle lever is advanced, centrifugal force acting on the governor weights counters that force and tries to close the butterfly. For a given throttle lever setting, the engine speed at which those two forces are equal is the speed at which the engine will run.
If the engine won't rev up at all with the advancing of the throttle lever, the spring is likely broken or disconnected, if it won't quite reach "rated speed" the spring may have stretched/weakened a bit with age, which in my experience is not as common as some others say, but possible.
Putting the spring aside, most other governor issues will either cause a slow governor response to "pick up the load" or engine "runaway" if there's a failure in the area of the weights or weight fingers, the thrust bearing and sleeve, or the "governor fork".
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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