Why does my Farmall M only have low idle, and high RPM? vid

Today, it was somewhat dry out so I decided to take my new M for a ride that I bought over the weekend. I've noticed that with it throttled ALL the way down on the last notch, it idles low, and smooth...but if you pull the throttle lever ONE notch back, it revs way up. There is no happy medium, unless you're half way between the two teeth. And if you pull the throttle back further than the second notch, or all the way, it revs up a LITTLE bit more, but not a whole lot...so pretty much I have idle all the way down, and one click back from that is full speed..also I hooked my horse spreader up to it, and went to take off in 4th gear with the engine throttled up and it seemed like it had absolutely no power, so I had to let the clutch out very slow to get it moving. Later on I was playing around on a big hill out back, and I idled it ALL the way down to where you could hear it fire on every cylinder, and put it in 4th and drove it up a decent sized hill, and it went up it without dying, so I'm not convinced the governor is completely shot, yet it only seems to do it when it has no load. Could the spring just be weak in it? I'm clueless and would like to address the problem asap. Any help would be awesome!

Thanks.

Here's a video of the idle and rev.

http://www.youtube.com/watch?v=2MWNwHtbLsY

It might be something as simple as one of the springs in the throttle/governor system is unhooked or broken.

It could also be the governor connection at the tube to carb junction, there is a tab and slot affair that is easy to get wrong. Jim

take the cover off the governorhousing and have a 'looksee'.I'll bet you got spring problem.