Alternator field wires

Its charging just fine. The problem is its over-charging. Its pegging the amp meter, going full charge. The blue field wire has full battery voltage when the key is on. Its within a tenth or two of a volt compared to the battery. I added a ground wire to the votage regulator today but have not tested yet.
Test as 67Dart273 said.
The blue wire is the sense wire for the regulator. The vltage there determines what the regulator does.
It also is the feed wire for the field circuit.

Since you have a multimeter, check the voltage while running.
Check it at the battery, the blue wire, and at the alternator output stud. Note the rpm (fast idle or slow). Then shut it off!