If memory serves me right, John has given you the right info. Most current, and even not so current cabs when combined are connected in parallel. It takes a rewiring of the cab or an external series connector to try to run them in series.
You will be getting the most out of your amp/cabs combination with the two cabs operating in parallel and sharing 500 watts between them. Setting up a 16 ohm impedance will cut the power output of your amp, probably to about the 125 watt level, and that would be feeding two cabs. Way less output!
Listen to your 115 and if you hear any "farting" (technical term ) or distress, turn the amp down. You should have sufficient volume for most medium sized venues.
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Steinberger NXT5 EUB, MTD 535 Fretless, Tobias Killer B6, 72 Fender Precision
Eden WT500, WTX1000N & WP100, QSC PL230
Eden D410XLT, D410XST, 215, Fender Bassman 10
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