A white wire is part of the power wiring (neutral), but if the machine runs ok, it may be a left-over from previous work or original manufacturing. If the machine does not run now, then look obvious bare connectors to reinstall it. Hope this helps!
Did the motor run before you worked on the cord winder? If so, and the white wire is disconnected on one end only, then I suspect that the loose end went to a connector on the inner end of the cord winder to couple power into the motor. The winder most likely has a pair of slip rings that couple power from the cord, which turns on a drum, to the backing plate that doesn't turn. Guessing that the winder uses a pair of brushes to couple power into the slip rings from the cord wires which then distribute power to the switch and motor windings. Good luck!
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It doesn't run now. Won't turn on at all.
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