Barry
Now you are having a problem with the pressure switch. If the switch is located in the correct position (close to the pressure tank), and see's the same pressure as the gauge you are reading, then the pressure switch should be shutting the pump off. Either the switch is set too high, the tube to the switch is clogged, or the switch is not working properly. The points in the pressure switch should open at the correct pressure and shut off power to the pump the same way a light switch does.
I like to have a pressure relief valve after the CSV for this reason. If the pressure switch fails as it apparently has in this case, the pressure will rise to 75 PSI, (the setting if the pressure relief valve) and this valve will start dumping the 1 GPM it is getting from the CSV. This will of course help from blowing the pipeline, but it is also importantant to give the 1 GPM coming through the CSV a place to go so as not to deadhead and burn up the pump.