Keep in mind that --alt-preset standard is set to a minimum bitrate of 128 kbps. It will only go lower for digital silence, which it will encode at 32 kbps.
If you want it to go lower than 128 kbps, you'll have to lower the minimum bitrate with the -b switch. Example: --alt-preset standard -b 64, where 64 kbps is your desired minimum bitrate. Make sure you use a lowercase b, an uppercase B sets the maximum bitrate.
Edit: QUOTE
They all encode at 128 kbit/s. Why is this? Does not a mono file still contain a great deal of musical information to encode?
I just realized that you seem surprised that the bitrate is so low. I originally thought you were surprised that it was not lower.
Also, I should clarify that I am not recommending 64 kbps as the "desired" minimum bitrate for a file encoded in mono. It may be safe to let it go that low, but I make no guarantees. Personally, I use -b 96 on all of my --alt-preset standard encodes, regardless of whether or not they are mono. I see it as a compromise between caution and efficiency that accomodates both files that require high bitrates for transparency and files that encode well at a lower bitrate (mono, for example).