Well Brad - if it had been running good and the problem's junk in the carb, remove and disassemble the carb and give the parts a thorough cleaning. Reassemble with a new gasket kit - $25 or so - and you'll be good to go. (Keep in mind the SM carb is very simple and easy to rebuild...)
However BEFORE you get into the carb check your ignition timing! Could be the cam gear hub has broken and messed up the cam/spark timing. It's a common failure on the SM with live hydraulics. And it's consistent with the symptoms you describe. (Correct timing should be within a couple degrees of TDC.)
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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