From what I'm reading I'd think that either the rod that holds the spindle in the receiver is worn out or the spindle itself is finished. I'd look into buying a new one. The 22 H.P. is based on the 30-30 Win cartridge and the same parts for it will work with the 22 H.P.

I wouldn't go gringing away the side of the receiver with a problem like this, could even be your spring tension.

If it is your spring tension, go to the 24 hour campfire and in the "misc" sticky at the top of the page it will walk you through step by step on how to re-adjust your spring tension.