It's been suggested on another site that its orientation is correct as shown in the first photo but bolted to a vertical post of some type. It's not for a bench because of the curved reinforcement bulge of the casting along its bottom. Plus there's no babbitt indicating bearing caps, your not suppose to grease babbitt or bronze. The part about it just bolted to a post with lineshaft flat belt driving it strikes me odd. I ain't never seen one... Neither has google. These are sellers photos, I don't have it in hand.
I wonder if... Maybe originally it didn't have the grinding wheel at all and was just an intermediate pulley or tensioner on a line shaft flat belt drive system? Then someone turned down the end of the shaft and made it in to a mount for a grinding wheel?
The casting looks like the sort of thing from the side of an old wooden threshing machine, or some other similar machine from that era.