Dash power running through Alternator gauge?

Basic power circuit is like this.
Cars have two power sources; the battery, and the alternator.
Fusible link was added either '64 or '65.
All of the wires connected to the battery are always 'hot' up to the switches.
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Ammeters were used on all better instrumented vehicles.
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They were also a standard item for under dash gage sets (probably because many plain jane GM products had no instrumentation to speak of)
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The important thing is to understand what its showing.
From Chrysler's master tech 1960

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Anything close to either extreme is a problem. (Your car's ammeter is calibrated to be 40 to 40 amps) If it stays at or over 40, its a big problem. Shut down.
The fusible link will usually protect from the worst situations by melting.
And if it stays pegged, disconnect battery.