Hello Carlyle,
According to "Chevy Six" by Victor Page,1932 circuit diagram on page 466 fig.148, it shows that the horn gets it's ground thru the mast jacket to the chassis and it's power thru the fused light switch. The horn button provides the connection to ground when pushed. So that should mean that from the fused light switch the 'hot' horn wire goes out to the horn and then back to the steering columns mast jacket bushing, awaiting the horn button connection to ground. If the horn were to be internally grounded to it's own housing it would either not sound or it would be a runaway horn with no control.