Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1883-01-19

When Chinaman finds himself finan-
cially embarrassed and needs money. he
does not do as other people do. borrow
1t and either give promissory note or
chattel mortgage as security for the
same, but he forms what in Chinese is
called an ''owey.r This is something
which ispeculiarly Chinese and REQUIRES
a minute explanation in order that it
may be understood. The lowest
''owey" is fixed at 81 for eAch person
forming it, and the highest $500. For
instance, If a Chinaman needs 800 he
will call on a number of his friends,
not to exceed ten. and tell them that he
wishes that amount of money, and
desires to form an. '.owey." If it is de-
c ded that it shall be q $50 ''owey,"
then five persons in addition to the
originator combine. For the purpose
of explaining the ''owey'' the originator
will be desinated 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 rve $50. making up the amount
he requires. This is a loan made to him
without interest, which he must repay at
the rate of 800 per month. At the time
this sum is advanced the other five
bid for the privilege of the ''owey" for
the running month. Each one writes
on a slip OF paper the amount of the
premium he will give. These slips are
rolled separately and thrown into a
bowl and shaken up. after which each
slip is unrolled and the amount noted.
The ''owey' is then awarded to the
one having bid the highest premium.
Vow having bid 81 premium, Yen,
kow. Chew and Hing each pay S19,
which is the amount less the premium,
and amounting in all to $40; and if he
adds the amount of his own contribu-
ton it will make a total of $50, or
equal to the amount advanced Sam, less
81 which is reckoned as interest, allow
ing 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 ouly ones who are permitted to offer
a 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 Sl9 each. and Sam
and Yen repay their first monthly in
stallment 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 firstNof the three named, the other
two pay him $40 each, while the other
three, Sam, Vow and Yen pay him 800
each. At the next meeting only two,
Chew and Hing. are permitted TO offer
premium. The one to whom the
''owey" is awarded receives from the
other the amount, less the premium,
and from the other four $50 each. At
the next and last meeting, only one re-
naming, he receives from the other FIVE
$50 each, making the full sum of 800.
By this method the originator of the
''owey'' who obtains the money without
interest has the use of 500 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
from the other members of the 'owey,"
who are required to pay the monthly in
stallments of go. He also assumes a
risk. and that is, is 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 installments adj
vance money to one another, receive in
terest for the amount of their advances,
and each in turn has the use of the total
amount of the 'owey' in the same pro-
portion 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 s'owey''
is given to the one whose, slip is first
drawn. The ''owey" may be com
posed OF any number not exceeding ten
besides the originator, and the greatest
amount that NAV be raised bv such
means is $4,000. Whenever an ':owey''
Is formed and the amount to be award
ed to the originator is $500, or in excess
thereof, he is required to treat those
who loan him the money, to a dinner
not to cost less than 90 a head. Often
times a high premium is bid for the
privilege of the ''owey" for each suc.
ceeding month, and this gives the lend
ers considerable interest for the use OF
their money.-SdD francisco Call.