I've worked on a couple 1840's. They have a parking brake that consists of a rod that fits through a ring of holes in one of the sprockets to lock it. They are mechanically released when you pull the handles into the operate position. I'd take a look at all that linkage. I'd guess something there was frozen and messing around with it and the heat from it running it loosened it up.
As mentioned, the plastic covers for the chain cases are horrible for letting water in. The last one I worked on, I tossed the rubber gaskets and used rtv to seal them up. I also had to make a metal strap to go across the top of them as they all had the mounting ears cracked or broken off.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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