It is a Sundstrand Drive machine, although the Sundstrand drive might not be there.
The Sundstrand drives are hydraulic variable speed drives which utilize a 3 HP three-phase motor as a "prime mover". It is possible to replace the 3 HP three-phase motor with a 2 HP single-phase motor ... assuming the Sundstrand drive is actually there, of course.
The Sundstrand machines had a base which was less wide than all later ones. For this reason, the right hand side directly under the bed is extended through a casting which is applied to the base. This makes the base appear to be a 30", but there were no 30" machines in this form factor ... all such machine are 20".
The original base for the machine made no provision for a drive system at all, and it was essentially a base under the headstock and a single leg under the tailstock. Photos of this early machine exist in the archives.
Only after Monarch had firmed-up its choice of a drive system was the base made fully enclosed and full-width.
Remember, the basic machine was designed by one man (C.A. Bickel) in the mid-1930s, and another man (C.E. Greene) was assigned to design the drive system. Two very great men, indeed.
The leadscrew is there as is the headstock Fwd/Off/Rev switch.