National Republican., 1883-01-04
Chinese ginnncicrs.


When Chinaman finds himself financially
embarrassed and needs money he does not do
as other people do, borrow it and either give
promissory note or chattel mortgage as Sc
curity for the same, but he forms what in
Chinese is called an "owey." This is some
thing which is peculiarly Chinese, and re-
quires minute explanation in order that it
may be understood The lowest "owey" is
fixed at 81 for each person forming it, and the
highest 5000. For instance, if Chinaman
needs 800 he will call on number of his
friends, not to exceed ten, and tell them that
he wishes that amount of money, and desires
to form an "dwey" If il is decided that it
shall be u $50 owey," then five persons in
addition TO the originator combine. For the
purpose Of explaining the "owey" the origi-
nator will be designated 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 $50, making
up the moment he requires. This is u 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 the privilege Of the owcy" for the run
ming month. Each one writes on slip of
paper the amount of premium he will give.
Tho slips are rolled separately and thrown
into bowl and shaken up, after which each
slip is unrolled and the amount noted. The
"owey" is then awarded to the one having
bid tho highest premium. Vow having bid
81 premium, Yen, Kow, Chew and Hing each
pay $40, which is the amount less the pre-
MUM, aug amounting in all to $40; and if he
adds the amount of his own contribution IL
will make total of 500, or equal to the
amount advanced Sam, less $l, which is reck
oned as interest, allowing 81 for each Of the
four who advanced the money. au.
AT the close of the first month Sam, the or
iginator, is, by the rules which govern this
system Of money lending, forced to notify all
who belong to the "owey" of the next meet
ing, At this meeting Yen, Kow, Chew, and
Hing are the only 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 $40 each, and Sam and Yen repay their
first monthly installment of 800 each. At the
next meeting only three, Kow, Chew, and
Hing, can bid, and If the same amount of
premium Is bid and 1t is awarded TO the first
of the three named, the other two pay him
$40 each, while the other three, Sam, Vow,
and Yen, pay him 500 each At tho next
meeting only two, Chew and Hing, are per-
mitted to offer a premium. The one to
whom tho "owey" is awarded receives from
the other amount, less the premium
and from the other four $50 each. At the
next and last meeting, only one remaining, he
receives from the other five 500 each, making
the full sum of $780, By this method the
originator of the "owoy" who obtains 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 tho money
he is forced to act as collector from the other
members of the "owey," who are required to
pay the monthly installments of $50. He
also assumes a risk, and that is, if any mem
ber of the "owey" does not pay at the APP
pointed time, he has to be responsible for
the amount due. The other mem
bers of tho "owey," who, by install
ments advance money to one another, re-
ceive interest for the amount of their adj
vances, and each in turn has the use of tho
total amount of the "owey" 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 il
often happens that two or more contain the
same amount of premium. In such an event
the owey" il given to the one whose slip Is
first drawn. Tho owey" may be composed
of any number not exceeding ten besides the
originator, and the greatest amount that may
be raised by such means is $1,000. Whenever
an "owey" is formed and the amount to be
awarded to the originator is $500, or in excess
thereof, he is required to treat those who
loan him the money to n dinner not to cost
less than Sc a head. Oftentimes n high pre-
MUM is bid for the privilege Of the owey"
for each succeeding month, and this gives the
lenders considerable interest for the use of
their money.