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I just got a cab for free. The left/mono jack fell through and the right is still there. I used it and it works but what's going on? Does the stereo effect engage if two things are plugged in? Is it bad for any of the equipment?

Its some crate cab with celestions if that helps 200 watts

Usually it splits the speaker combination when both jacks are being used. You can wire it however you want though. Just make sure you're not using weird ohm combinations and nothing should mess up.