If there is a nipple screwed into the hole and you unscrew it you may be able to see a hole about the size of a window screen wire in the dead center of the bottom of the hole leading to the throat of the carb....When the throttle disc is in idle position that hole will probably be covered by the rim of the throttle disc...which is why it reacts as Randall described.
There are quite a few carbs in the early 70's that had threaded blind holes in that location, either left over from vacuum Advance years or in anticipation of the EGR valve in future years.