16 hp briggs runs fast

I could use a little help. I have a 16hp briggs ohv engine. I have adusted valves, rebuilt carb. The engine starts and smokes blue smoke for a little while then quits, however that is not the issue at hand. The engine revs really fast, I move the governer lever toward the front of engine and it slows down but when I let go it speds way up again. I looked on line to how to adjust governor, they say to loosen the bolt at bottom of lever, mine has no such bolt. The engine number is 28u707-1174-e1. Any thought on both issues?

Thanks

Try setting the governor using the instructions in this manual.

http://dl.dropbox.com/u/12502267/B&S Service Manuals/04_272147VanguardSingleCylinderOHVAirCooled.pdf

Thanks for the info, I will try it out