[Tobiah]

Depends on what you consider pins 1 and 2 (I assume you're talking
about the pot here), but I don't think you have it right anyway. The
usual hookup is as a voltage divider, with the two ends of the pot
(pins 1 and 3 in your language) connected across the output that
feeds the speaker, and the speaker connected between the wiper ( pin
2 - the one in the center) and pin 1.

Depending on the impedance of the loudspeaker, you'd probably want a
fairly low value pot, 1000 ohms or so. Or if you have an electronics
parts drawer or junk box, you could just try a fixed resistor in
series with either speaker lead. Start with 100 ohms. If it's still
too loud, use a higher value, if it's too quiet try a lower value.
But if you want it to be adjustable, then a pot is the way to go.

[1]-----/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\------[3]
^ [2]


Yeah, I failed to understand your previous ASCII art. It
makes sense now. I clip the two leads going to the speaker,
and connect the ones coming out of the device to pins
1 and 3, and connect the ones going to the speaker on pins
2 and 3 (or whichever way means clockwise will be louder).

So it's like a little mixer between speaker and ground.
Is this better than just clipping one speaker lead and
hooking up the ends to pin 1 and 2, like a single
variable value resistor?