[TenTec] Argosy 2

[William Redfearn]

Snowy,
Since CW is working, you're definitely looking in the right area.You should be able to use a scope to look at the audio signal through both both sections of U2 into the balanced modulator (U1).You may want to check the audio connections out/back to the mike gain pot which is connected between the sections of U2.
Also recall that the manual specs a high impedance microphone for the radio.

73, Dave RedfearnARS N4ELM  Lafayette, LAQRL? de N4ELM/qrp