1971 Evinrude 100 hp regulator problem

[schimmi021]

I have a 1971 Evinrude 100 hp outboard that has an issue with the rectifier/regulator. I had the battery out of the boat and when I put it back in and connected the motor battery cables they sparked and then i noticed smoke coming from the motor. I unhooked the battery cables immediatly and took the cover off the motor. I found that the red wire on the regulator or rectifier... whatever its called... the little silver circle thing with three wires.... was burned up and appears to have shorted to the engine block. Is this just a bad part or when i replace it do you think itll just burn up again? The other odd thing is, is that I didnt have the ignition on or anything and I feel like there shouldnt be power going to it w/o the ignition? Im not a mechanic so please correct me if im wrong. Thanks!