Assuming a Tecumseh engine ;-
The govenor spring should connect from the fixed bracket to the end hole in the govenor arm. The rigid link should connect from the carb throttle to the next hole down on the govenor arm.
CHECK that the spring is not twisted or damaged. More tension means more speed.
Speed is adjusted by bending the spring attachment bracket. Don't mess with it unless you have a tachometer capable of readng actual speed.
Phil Saunders, June 2008