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According to my 2003 ST wiring diagram: +12 volts comes from pin 2 of connector 34 (alarm connector) on a black wire to the starter button through an unmarked connector on the right side handlebar switch assembly on pin 12. From the starter switch a white and red wire is attached to pin 11 on that unmarked connector. That wire goes to the headlight cut out relay and to the starter solenoid.
The ground side of the starter solenoid is connected with a black and pink wire that connects through the clutch lever switch. Interestingly, that same ground line source (black and yellow in the handlebar connector) is connected to the horn button as well. It sounds like your problem may be in the ground line on the handlebar switch. Check pin 8 on the connector going to the clutch switch and horn button. It should be connected directly to ground. If not run a new line from the battery or another known good ground to pin 8 or bypass the connector and make the splice on the other side of the connector to the black/yellow wires directly.
The starter solenoid switches the (brown?) wire connected directly to the positive post on the battery with the black and white wire connected to the starter motor. The starter motor is of course grounded on the other side with a black wire.
So to answer your question, no the black and white line is not chassis ground directly at least on the diagram I have. It would appear as a ground though, through the starter motor with only a few ohms resistance to ground (if that is the only blk/wht wire in the harness).
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