As per the last 2 comments, the 4 step belt pulley should rotate freely from the bull wheel when the little lever is disengaged (the bull wheel should be at one with the spindle – it is keyed).
A few paragraphs out of curiosity, apologies if I'm telling you how to suck eggs!
When was the last time you gave all the oil nipples a hit with a push type oil gun – specifically the one in the back of the 4 cone pulley! (Wanner or Tecalemit push gun for example) –
Also have you read the manual?
The manual covers all aspects of setting up the machine for first use, from initial levelling which is critical to the machines accuracy, to adjustment of the spindles front and rear bearings which is absolutely critical to its health. It also sets out all the oil nipples and points as well as how frequently they should be oiled – the spindles front bearing on mine I think quotes one drop every 10 minutes – its not like a car, you can't service it every 6/12 months and hope for the best! 
You can find the manual on google if you don't have it, and I can supplement you with the removed/replaced pages for the "old" style clutch and spindle lube system if you need it.
Again, eggs, apologies……..