Hi Ozando, and welcome to Outdoorking.
There is a centrifugal device inside the crankcase that operates the governor lever. This is a diagram of the parts, from the workshop manual:
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2012/05/full-2772-6419-honda_gxv120_governor.jpg)
Here is a picture of the governor's centrifugal mechanism, when the engine is stopped:
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2012/05/full-2772-6420-honda_gxv120_governor_1.jpg)
Here is a picture of it when the engine is at maximum speed:
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2012/05/full-2772-6421-honda_gxv120_governor_2.jpg)
As you can see, the pair of gold-coloured centrifugal weights moves outward and through attached levers, pushes the white plastic plunger forward. The plunger pushes on the flat paddle on the governor arm shaft you can see in the sketch from the workshop manual, above.
The flat paddle is attached to a shaft which passes through the crankcase, and looks like a small shaft on the outside of the engine. The governor arm is clamped to that shaft. The upper end of the governor arm has a wire link on it, the other end of which attaches to the throttle butterfly. (There is also a tiny spring up there which helps prevent the system from oscillating, but that is a minor matter unrelated to your problem.) The lower end of the governor arm is connected to the governor spring, and the other end of that spring attaches to the control lever which sets the engine speed.
Now, because your engine goes fast, not slow, the governor spring is probably doing its job, which is to make the engine go fast. However the governor mechanism in the crankcase is not doing its job, which is to make the engine go slowly. There are three possible reasons. One is that the link from the governor arm to the throttle butterfly is not attached or is jammed. The second is that you have been inside the crankcase and messed up that centrifugal mechanism - probably by leaving off the white plastic plunger. The third is that you did not go through the set-up procedure for attaching the governor arm to its shaft.
To set up the governor arm on the shaft, loosen the clamp bolt on the arm, pull the top of the arm gently to the right, twist the shaft it mounts on gently clockwise with a pair of pliers, and hold them both in that position while you tighten the clamp bolt.
Please give us an update, with some pictures, when you have digested the above points.