I've tried to put two links below. If it doesn't work, I'll make two separate posts of it to get the links through to you.
You header says C and your post says M, but it shouldn't make any difference for the problem you describe.
John T is more of a green tractor guy but he has been immensely helpful to us red folks and probably others. The troubleshooting guide at the link will be good to use.
It sounds like you've done a lot of work and you can't discount the possibility of something not being hooked up right, so it wouldn't hurt to go back over your work and check it against BobM's mos excellent wiring diagrams. The link will take you to a page of images. The first one is a directory of the different diagrams. For a C, you might have to hybridize a little between the A/B and the H or M, to accommodate the different starter mechanisms, or if you have a battery ignition on the C instead of a magneto, but a little study should sort it out. If not, come back and check with us.
A couple of other thoughts. If the generator has been rebuilt, it may need polarizing (if the shop didn't polarize it for testing -- hard to imagine but not out of the realm of possibilities) or repolarizing on the off chance that they polarized it for negative ground to test it (slim chance, but still possible) and your tractor is positive ground. Polarizing is a simple process, and I'd suggest trying it first. It may establish an initial polarity and fix the problem and can also correct the polarity to match your system if it was polarized in the wrong "direction". John describes it in his post, but the quick take is, with the engine stopped, to simply touch a wire between the BAT and GEN terminals on your regulator. At most it will make a quick small spark, it doesn't need to be held there, just a quick connection. I'd urge you to do this first, too, on the off chance you are polarized in the wrong direction, as this tends to toast regulators, so the less run time in that condition, the better.
For other odd things . . . assuming you're 6volt, that is customarily positive ground. Doesn't actually have to be, but usually is. If you have a battery/coil ignition, follow the small wire up from your distributor to the coil. Near the terminal on the coil you should see a + or a - . Whichever it is, that's your ground. Make sure that you have the same side of the battery grounded to the chassis and with the battery connected, polarize as described. If you have a magneto, whatever polarization you did first will do just fine.
Apart from not enough tension on the generator belt, John T's guide should help you nail it down, as long as you're wired up correctly.
Let us know how you're making out or if you have any questions as you go along.
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