There is only one ring on the tread cover, exactly as you have it. The ring helps you to fit the tread cover onto the tire and remove it. You start with the end without the ring. There normally is a rubber gasket on the exterior of the face cover that helps secure the tread cover, but this gets really hard after 80 years. Mostly the tread cover is just held in place by the tire itself.
Here is a picture of a complete spare for a 36 on e-bay now.
https://www.ebay.com/itm/1936-Ford-S....c100677.m4598