If not, is it enough to reverse the connections?
As in run them to Peavey first and Mag next? It won't help.
Are your cabs actually matched? Do they have the same nominal impedance? If one is 4 Ω and the other is 8 Ω, the 4 Ω one will receive twice the current of the 8 Ω one.
I'm assuming that by "digital tester" you mean a multimeter.
Unplug the cables first.
Things to check:
1. Cable short.
- Check resistance between tip and sleeve at one end and at the other. It should be infinite.
- If it's not, the cable has a fault and there is a small current leak between the leads.
- If you don't know how to check for faults in more detail and how to fix the cable, don't bother.
2. Cable resistance.
- Short the tip and sleeve at end 1.
- Check resistance between tip and sleeve at end 2.
- Short the tip and sleeve at end 2.
- Check resistance between tip and sleeve at end 1.
- If your meter is not very sensitive it will show a short. If it's sensitive, it will show you the exact resistance of the cable.
3. Cable polarity.
- Check resistance between the tip at end 1 and tip at end 2.
- Check resistance between the sleeve at end 1 and sleeve at end 2.
- The meter should show a short (or very low resistance).
- If it doesn't, the cable switches polarity.
Repeat tests 1-3 for both cables.
If one cable switches polarity and the other doesn't, use the cable that switches polarity between the amp and the first speaker. Use the good one between the cabs.
4. Check resistance of cabs.
- Plug a known good cable into the cab
- Check resistance. It should be close to nominal impedance of the cab.
- Repeat for the other cab.
If resistance is much lower (or higher) than nominal impedance, it might have a crossover and/or speaker fault.