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If a bearing had worn out you could fix it, but since it smoked I am guessing it needs to be rewound.
You will need to pay someone. A rewound old motor is better than a brand new motor.
You might look at adding some overloads to your motor, better to reset a tripped overload than fry your motor.
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"A machine you build yourself is a vote for a different way of life. There are things you have to earn with your hands."
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