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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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