The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1883-01-11
The Manner in Which Cinnamon Loan
Money to One Another,

When Chinaman finds himself
financially embarrassed, and needs
money, he does not do as other people
do, borrow it, and either give a prom
issory note or chattel mortgage as Sc
curity for the same, but he forms what
in Chinese is called an ''owey." This
is something which is peculiarly Chi :
nese, and requires a minute explanation
in order that it may be clearly under
stood. The lowest 'Eowey' is fixed at
81 for each person forming it, and the
highest 5000. For instance, if China
man needs 800, he will call on a num-
Der of his friends, not to exceed ten, and
tell them that he wishes that amount of
money, and desires to form an convey"
If it is decided that it shall be a $40
''owey', then five persons in addition to
the originator combine. For the pur-
pose of fexplaining the ''owey" the origi-
nator will be designated as Sam, and
his five friends as Vow. Yen, Kow,
Chew and Hing. At the first meeting of
the six the originator receives from each
of the other five 800, making up the
amount he requires. This is n loan
made to him without interest, which he
must repay at the rate Of $50 per month.
At the time this sum is advanced the
other five bid for privilege ofthe "owev'
for the running month. Each one writes
on q slip of paper the amount of the
premium he will give. These slips are
rolled separately and thrown into
bowl and shaken up, after which each
slip is unrolled and the amount noted.
The ''oweyn is then awarded to the one
having bid the highest premium. Vow
having bid 81 premium, Yen, Kow,
Chew and Hing each pay $19, which is
the amount less the premium, and
amounting in all to $76; and if he adds
the amount of his own contribution it
will make total of 800, or equal to the
amount advanced to Sam, less 81, which
is reckoned as interest, allowing 81 for
each of the four who advance the money.
At the close of the first month Sam, the
originator, is by the rules which govern
this system of money lending, forced to
notify all who belong to the ''owey'' of
the next meeting. AT this meeting Yen,
Kow, Chew and Hing are the only ones
who are permitted to offer premium,
Sam and Vow having no voice in the
matter. At this meeting the premium
of 81 is again offered; and it having
been awarded to Yen, the other three
pay him S19 each, and Sam and Yen
pay their first monthly installment of
$50 each. AT the next meeting only
three, Kow, Chew and Hing can bid,
and if the same amount of premium is
bid, and it is awarded to the first of the
three named, the other two pay him $19
each, while the other three Sam, Vow
and Yen pay him $50 each. At the next
meeting only two, Chew and Hing, are
permitted to offer a premium. The one
to whom the ''owey" is awarded re-
ceives from the other the amount less
the premium, and from the other four
$40 each. At the next and last meet
ing, only one remaining, he receives
from the other five 800 each, making
the full sum of 800. BY this method
the originator of the ''owey" who OBJ
tains the money without interest. has
the use of 800 for one month, $50 for
four months, $50 for three months, $40
for two months and $50 for one month.
In return for the use of the money he is
forced to act as collector for the other
members of the ''owey," who are re,
quired to pay the monthly installments
of $50. He also assumes risk, and
that is, if any member of the ''owey''
does not pay at the appointed time he
has to be responsible for the amount
due. The other members of the ''owey,"
who by installment advance money to
one another, receive interest for the
amount of their advances, and each, in
turn, has the use of the total amount of
the convey" in the same proportion as
the originator. This method of money
lending is in vogue among all classes,
and women often form ''oweys'' among
themselves. When the slips of paper
before alluded to are drawn from the
bowl it often happens that two or more
contain the same amount of premium.
In such an event the "owey" is given
to the one whose slip is first drawn
Sacramento CdL., Bee.