As Far as I know, all D2,D4 and D6 horizontal ponys had governors. You need to get one.
If it starts and runs well, the reason it won't pull the load is probably fuel supply related-
either not enough getting into the bowl or not enough getting through the main jet into the carburetor throat.
Your pony motor should have grenaded itself without a governor and the throttle stuck wide open. When you install the governor, it links directly to the throttle lever with an extended pin and then the control rod goes "behind" the linkage pin extension to pull the throttle closed. The governor spring pulls the throttle open and the weights inside force it closed. The control rod just limits the travel of the throttle/governor arm when you pull it out.
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