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It is likely that the variable line spacer mechanism (controlled by the button on the end) is gummed up. It is common, and can usually be resolved by pulling the platen and putting a drop of sewing machine oil on the parts that slide in and out which engage and disengage the ratchet, circled here:
The instructions on how to remove the platen can be found in the 1945 Ames Typewriter Mechanical Training Manual manual for standards, the pdf of which is posted at the bottom of the page here.
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Thank you SoucekFan!! That fixed it! Unfortunately, rubbing alcohol and gun oil were not enough to keep it from sticking. It is much better now, so maybe it will loosen over time. Hopefully I'll remember not to push the line space release button on the knob for the time being!
thanks again,
-Kyle