<VV> Electrical Problem

[Bill H.]

                                                                               B"H
Hi all...I have a problem that is driving me a bit crazy.  When I turn the key to "START" in my 66 Monza, I smell that "burning electrical" smell.
So I disconnected the ignition switch from the dash wires, and tested the switch. It works perfectly.
However, I assume the connections to the switch are 12 volts positive?  If so, with the battery disconnected, all the wires connected to the switch show full connectivity with the ground.  I'm confused, are the BAT, SOL, ACC and IGN wires supposed to show connectivity to the 12 volts negative (ground)?
Any advise would be greatly appreciated!
Best Wishes,  
Bill Hershkowitz66 Monza Sport Sedan 110 PG factory A/C