Do I have a governor problem?

On my rebuilt p218g, when doing the test runs, it won't idle. It quickly races to 'redline' and stays there. I've mounted it in the frame so it won't walk around he garage and I've attached the choke and throttle cables. I thought I migh have the throttle cable wrong but according to the service manual, it looks right - throttle cable connected to the same part that one end of the spring connects to and the other spring end is in the 3rd hole from the shaft on the governor arm.

I get no control when adjusting the throttle. Nada. The engine just screams and I quickly turn it off. This is probably not good for a brand new rebuild. Have I incorrectly reassembled the governer? I seem to remember several other posts with a similar problem.

Thanks,
Eric