Okay, I think I understand what you have. You may be in for a replacement of the column, like I was.
The wire (25) goes down the column and is supposed to be fastened to the center shaft. You are going to have to take the whole column out to fix this. You apparently have the wheel off, or you wouldn't have gotten to that wire. Disconnect the 'U' joint just forward of the firewall and the two bolts on the bracket at the bottom of the dashboard. It should all come out easily from there.
I'm a bit fuzzy on what happens to that wire at the top of the whole mess. It must go through the center shaft somehow, but I didn't think about taking pictures of that part. There is a 'C' clip at the bottom end that you will need to take off.
Wire brush off about 1/4 inch the ends of the outside tube. You will see that there is a bearing housing pressed in to it and these are what you need to get out. They originally were not terribly tight, but age and rust may be giving you a problem. DO NOT put a shaft or something inside and try to knock them out from the inside. You will be banging on the hardened bearing races which will crack, requiring a complete replacement.
Somewhere where you will catch small parts falling out, knock the bearing housing out. Use a chisel or punch. I could not get a purchase on it the bearing housing, so I took a hacksaw (an angle grinder with a thin cutoff blade will work, if you are careful) and cut a notch in only the outer housing. One side was sufficient for me, but you might want to do it on both sides.
If everything is still intact, you will have a bearing assembly on each end with 2 races. If you have gotten this far successfully (not broken anything) you might consider greasing the bearings. There is a very weak snap ring holding it all together. TAKE a picture of it for us to see, but mostly to remind you how it goes back together. I didn't and I had a heck of a time figuring it out. CAUTION: there are 21 tiny bearings loose that will fall out when you open it up. You can figure out the rest on the bearings. I use white lithium grease on tiny parts like this if they are not likely to be subjected to heat.
Toward the lower end there will be a brass slip ring with a tab that your wire #25 connects to. On mine, both the old on and the replacement, it was held in place by cloth electric tape. On my old one the tape had dried up and let the ring slide down and out of place. I used vinyl tape and insulated the ring from the shaft. Then I taped the ring in place with vinyl tape and, because I intend to keep the truck a while, I put a couple of wraps if thin, soft iron wire around it where it would not interfere with the brush and twisted it tight. There's a bit of room between the shaft and the housing for the not on the wire.
Put wire #25 back in place (where ever that is, I don't remember). This wire connects the slip ring to the button in the steering wheel. Put the top bearing back on the shaft and tap it into the housing. Put the bottom bearing on the shaft and tap it into place. Put the 'C' clip back on. Put the wheel on and the horn button in place. If you have succeeded, you can test it with an ohm meter. There should be no continuity between the slip ring and the housing until you press the button. Putting the column back in the truck is the easiest part.
Before you hook it all up, you should test the horn solenoid. It is at the base of the horns and has two wires connecting to it. On my truck, it was burned out, probably because the brush would be grounded when the slip ring fell off and the horn solenoid would be activated continuously.
Take the wires off, paying attention to which one goes where (probably doesn't matter, but just do it). Putting the ohm meter on a low setting, there should be continuity between the connectors on the solenoid. If yes, you're good to proceed. If no, do another test. Get air pressure up, at least 75 lb. Using a volt meter, figure out which of the two wires you disconnected is hot (24 volts) to ground and reconnect it. By connecting the other socket to ground, the horns should blow. If your ears aren't ringing now, you need a new solenoid.
From this point, just put things back the way they should have been when you started. GOOD LUCK and please take pictures.
