That's what you should see on any coil ignition system. The + terminal gets battery voltage when the ignition is switched on. The negative terminal gets a grounding signal from the points or whatever switching device is used.
I assume that you have already determined that you have no spark. If you have done no other troubleshooting to this point, pull the distributor cap, have an assistant run the starter and make sure the rotor is turning.
If the rotor is turning, then you know that the problem is electrical. If you have an oscilloscope probe the terminals on the coil while trying to start the engine and see if you are getting a primary signal.
Good luck and Merry Christmas,