My monarch died long ago ... that someone else (not BFL) supplied me with.
BFL never contacted us about firmware changes or anything like that (or even about the Monarch until LONG after they should have) so your on your own with support of newer firmware in them since I've no idea at all what might have changed and no way to test it.
I am just guessing here but it seem like CGminer is treating this unit (Monarch W/1.4.5 FW) as a "single". My units all hash at about 60-70Gh. Maybe incorrect
identification in some way.
Well if you can try an older version of cgminer and if an older version works and a newer one doesn't then that would relate to identification issues.
However, that won't be the cause of slowing it down, that would more be a case of it not working.
Looking at
https://github.com/ckolivas/cgminer/blob/master/NEWSI'd guess maybe try a real old one about the time it was working for me ...
I was running an old one back on 19-Jan (last day my moth worked for me) but I was using 4.6.0 (or try 4.6.1)
If either of them work OK, then the problem is something that someone changed in cgminer since then.